Dunhami -
If you have a 51 - 1/2 ton in your family history go with stock.
If you want to drive it locally - leave it stock.
If you want to get where you're going the same day that you leave home ... up grade ... you probably have a 216 in it ... which area POS (in my humble opinion)poor oiling, low power but totally reliable.
You can upgrade the engine to a 250 very simply.
If the suspension is in good shape keep it if you don't mind wondering about 6 feet side to side instantly on the highway at a mximum of 55 mph again keep the supension.
It's not a hard chore to install a 250 with a 350 transmission. And a 9 inch Fjord rearend or a 10 bolt.
I was even able to keep my steering wheel brake and clutch pedals and now have a comfortable drive.
I used a Pacer IFS but they are getting hard to find nowadays.