Not to hijack the thread but since we're lookin', talkin' panel trucks, here is another. Looks pretty rough.
Ford panel truck '50-51

 

Dan has it summed up pretty well. It's a $2k parts truck at most. I bought my 52 six or seven years ago for $5500 and it was pretty much in the same condition as it is now. It also had a running 239 flathead with the 4" Mercury crank.

This one's a $200 (if that) parts truck. The front fenders were replaced with F2-F6 fenders. If the rear doors are in better shape than the truck, then the value increases slightly. Also, if the fuel tank is in decent shape, the value also increases.

I've bought better Panel trucks for less money. I once bought a 48-50 Panel with pristine sheetmetal, 5.0 motor w/AOD trans (not installed in the truck), but missing the interior and all of the little parts, for $550. That was a good money maker for me.

 

Here's another one, 1950 Ford Panel. I like how he blames the rust bubbling on bad paint prep.

 

I didn't catch the F-2 fenders but I doubt it has an original gas tank, the ad says "'70 model Chevy frame 5 lug front/rear". This is the ultimate frame swap gone wrong. From the way the rest of the truck looks I doubt the rear doors are in too good of condition. Funny how you rarely ever see the original front seats in the old panels that show on the net. I know many were swapped out for bench seats or more modern buckets but a lot of the old rot bucket panels that do show up look like they were sitting in a field for the last 30 years and they never have the original seats. If people swapped them out for something better I doubt they would pull the originals out of a field car to use in anything else. I did find one panel during my PA adventure that had an original passenger seat and a Chevy driver seat. The guy gave me both seats-free.