If it were me, I would take a totally different approach.
Does the motor run OK as-is? E.g. is it still usable?
If I had a buddy w/ a truck he really just wanted to get rid of, here is what I would do.
I would take that truck, and designate it purely as a "fun toy" to enjoy. For instance, this May in NC there is an offorad "rally"-style race, last year it was in the UNF, this year on private land. Fastest time through the course, and still moving, wins... no holds barred...
I'd take that truck and spend as little $$ on on it as possible... find some cheap muds, cut out fenders (or remove/sell them if still in good shape), block/spacer lift it cheap, weld-locker rear differential, slap in cheap cage, and just plan to make it go as fast and far as possoble as-is.
I'd take my buddy w/ me as co-pilot, and just have a good time w/ it. It will probably die in the process - but who cares? Drop it off at a salvage tard and get a few hundred $$ for scrap. I wouldn't have lost anything, but the two of us had a good time and a fun story.

BTW - anybody wanna give me a truck???
(Last year I did this race in an XJ I won for a $30 raffle ticket, had a blast w/ it).