A piece of advice that's given here quite often, and Tim alluded to it, is, first of all, get it running and driveable-fix what you have so it's safe to take it on the road. Then, after you've driven it awhile, you'll have a feel for it and have a better idea what, if any, upgrades you may or may not want to do.
Some paople like the way and old truck drives and handles. The next guy would rather be in a brand new car. Wherever you're at, you'll have a better idea what your plan should be after you've driven your truck for a while.
