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If you have to replace any of the wood, use kiln dried red oak. This sounds like a super deal for you. Befor installing the bed, get underneath it (stand it up if it's off of course) and make sure you can treat the bolts/nuts holding the bed stays which hold the planks so that you can easily remove them in the future should you need to. Great find!
Thats a great deal I would ****** it up in a heart beat. I dont see to many old trucks with step sides but I think a old truck looks classy with a step side