Spanky, not dissagreeing with you one bit. Grant,I think you can find a truck that is a much better starting point than that for the money.
For what its worth, and I am sure scrap prices vary from state to state, a co-worker just scraped a whole 80s F250, motor and trany included and only got 2 or $300 for it.
Even if you had the ability to do all the metal work yourself, you would have many hours fixing it and if you hired it out, you would spend a fortune before any color was sprayed.
Good luck.