Inspect and replace all the brake components as needed, lines too.
Then drive it till you need to fix something, and go from there. It was a new truck once, and people weren't afraid to drive them anywhere back then, no need for you to be afraid to drive it either.
I drove my 52 1 ton around town for a couple years without doing hardly anything to it, can't think of anything that left me stranded other than running out of gas once...
On your eventual list of improvements as needed consider a dual circuit brake system, one piece wheels and tubeless radial tires, and a later 235 or even a 261 if you want.
Grigg
