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It looks beat up, and the cupboard is bare, but if somebody had an engine lying around, and they wanted a good foundation for a project that truck looks like it would be up to the task. Dents can be taken care of, and I prefer D&E to cutting and welding patch panels to fix rust! Wish I could have another one...maybe some day.
The reality is that nowadays these trucks are getting scarce that this one seems to be pretty complete and solid. If you look at the ""Barn Finds" thread that's up now, a lot of folks would consider this a good project.