Having slugged it out for three years trying to resurrect a rusted hulk, I'd never do it again. Instead of paying $500 for that truck my advice would be to be patient and look for one in MUCH better condition. That rust you can see is like an iceberg, 80% is hiding behind the paint.
Instead of jumping on this wreck why not post in the Trucks Wanted forum? I'm sure there's a sweet little number languishing in the desert somewhere with your name on it.
Good luck!