Nice find on the 40 panel. If she is solid as you say I myself would make sure she is mechanically sound and drive her as is. Then make a decision as far as upgrades go. A truck that you can actually drive will be more popular/keep your interest more than one undriveable.
When I purchased Betty several years ago the original 216 was in the back and was just the block with all engine parts strewn around the back. So I bought her without engine and have since acquire a full pressured 235 I will put in some day.
7 years later and she is still not on the road yet. She is coming along slowly but I feel she would have gotten more love and I would be much further along if she was a running driveable truck.
I am trying to keep her as original as possible(with the exception of the 235)and get a lot of head shaking and naysayers when they see the 235 sitting next to Betty. "your putting that in her? O man you should put a 350 in....... that thing ain't even gonna move that truck....blah blah blah blah......"
I guess we'll see. But if you have ever heard a well tuned stovebolt 6 with dual exhaust you would understand.
Just my opinion and the direction I decided to go. The bottom line is, it your truck do what will make you happy.
Oh, and I see you are from Ohio if close to Sylvania give me a shout if you need anything.
Oh, and welcome to the bolt lot's of good info here!
Nice day out go out there and get your hands dirty! I think I hear Betty calling
