We've never restored anything, so I don't know if we're gonna go for the factory style or the hot rod style.
Restore or Restoration are words that have been misused a lot. Strictly speaking it means to return to original or in this case factory condition.
Not everyone agrees and you often see trucks advertised as 'restored' with a long list of modifications. My own preference is to respect the meaning of the word and distinguish between restoration and various types of modifications.
I call myself a hot rodder but the modifications I seem to go for most are better brakes, modern transmissions and basically stock newer bigger motors. My 1-ton project is all about safely pulling my trailer.
You might find it useful to sit the people who comprise 'we' down and have a long talk about how the truck will be used once it's finished. That should go a long way toward determining what kind of modifications really make sense or how stock it should be. And it gives you a chance to think through what it will cost though these projects always cost more than expected.
A true and faithful restoration is likely rarely driven. A radical hot rod is also rarely driven. If you are going to drive this truck you'll probably end up somewhere in-between.