As an aside, my 47 also has a V8 in it, that was installed by a PO. Some of the same "surgeries" were performed on it. While it is not pretty to look at, it really hasn't affected the operation of the truck, except that the tire will rub the steering box on a hard left turn. But for what I'm using it for, it's something I can live with.
But everyone has to make that determination for himself.
Yep, it's true. I too would likely be completely fine with it for my planned uses - loading up firewood, dump runs, mulch runs, moving stuff for work, etc. We'll see - the truck is there and doesn't seem to be going anywhere fast. If I don't find another suitable candidate, I'll track it down again and make an offer. I'm in no rush.