MPG
When you look at the truck, look at the distributor. If it has a rectangle grey module on it(looks like the ones on the fuel injected mustangs) and has no vacuum line going to it, then it does have the computer controlled system on it. If all the vacuum lines and wires are still hooked up, you might be ok, but when you get the truck, you will need to bone up on this system in case you have problems.
If you see plugged vacuum lines and wiring plugs going nowhere, get ready, it's still fixable, but you will probably end up buying a different distributor and carb to get it running right again.
That said it looks really clean and I would sure be looking at it if I were you. Replacing a brake caliper is no big deal and they aren't too expensive.
Edit to add: That thing sure has a low rider tailpipe on it!
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4x4 doesn't mean it's going to get worse mileage than if it's 4x2.
With a 4 wheel drive, the hubs unlocked rolling down the road, there isn't any added rolling resistance while you drive because the front drive-line isn't rotating and the front wheels are essentially free-wheeling just like they would on a 2 wheel drive.
The front suspension on a 4x4 model is also only about 2 or 300 lbs heavier than on a 4x2 model from what I've heard. 300 pounds won't take you from 18 mpg to 15 mpg. If it did, we wouldn't haul 2, 3, and 4 passengers in our trucks.
Heck, I don't know, some of us here might be 300 lbs alone. 
You are right though, that he won't see 18 mpg with that truck. If he drives right, he can regularly achieve 15 or 16 highway mpg with that truck if it's a C6, as that's where all your gas mileage loss is. 300's and torque converters don't mate well, which is why many people (including myself) like our 300's with a 4-speed straight drive. Now, if it's an AOD, then it'll probably be able to get 18 mpg, as the AOD has both overdrive and a lockup torque converter.
The truck doesn't look like it has a lift either, so it should drive quite well. Gotta do something about that low-rider tailpipe though.

Also, the bed has been replaced with a 87 to 96 model bed, and it has new flooring in the cab, which leads me to believe something has been done with the floor pans (hopefully the right way). The new paint job could be hiding rust as well, but I doubt it due to how clean the lines on the truck look.
4x4 doesn't mean it's going to get worse mileage than if it's 4x2.
With a 4 wheel drive, the hubs unlocked rolling down the road, there isn't any added rolling resistance while you drive because the front drive-line isn't rotating and the front wheels are essentially free-wheeling just like they would on a 2 wheel drive.
The front suspension on a 4x4 model is also only about 2 or 300 lbs heavier than on a 4x2 model from what I've heard. 300 pounds won't take you from 18 mpg to 15 mpg. If it did, we wouldn't haul 2, 3, and 4 passengers in our trucks.
Heck, I don't know, some of us here might be 300 lbs alone. 
You are right though, that he won't see 18 mpg with that truck. If he drives right, he can regularly achieve 15 or 16 highway mpg with that truck if it's a C6, as that's where all your gas mileage loss is. 300's and torque converters don't mate well, which is why many people (including myself) like our 300's with a 4-speed straight drive. Now, if it's an AOD, then it'll probably be able to get 18 mpg, as the AOD has both overdrive and a lockup torque converter.
The truck doesn't look like it has a lift either, so it should drive quite well. Gotta do something about that low-rider tailpipe though.

Also, the bed has been replaced with a 87 to 96 model bed, and it has new flooring in the cab, which leads me to believe something has been done with the floor pans (hopefully the right way). The new paint job could be hiding rust as well, but I doubt it due to how clean the lines on the truck look.
No offence taken!

I've had both 2 and 4WD trucks (in fact I have one of each now!), and I think there is a difference. Then again it could be gearing, or state of tune, or whatever.

While I'm not sure, I think it could be the increased ride height of the 4WD's, especially in the older ones, makes for more wind resistance. With the newer trucks it might not make much difference, it seems hard to tell if it is 4WD by how high they sit now days.
For whatever it is worth....according to fuel economy.gov a 1986 4X2 with a 6 and auto should get 14/17. A 1986 4X4 with the same set up should get 14/14 http://www.fueleconomy.gov/feg/Find....d=2465&id=2552
Edit to add: I guess I picked the year at random...

I think you're right though, that the main reason people commonly believe the 4x4's get worse gas mileage is from the era of old trucks. Makes me think of the F250 Highboys for instance, which came with a higher than normal factory stance that earned them their nickname. That, and 4x4's typically came with different gearing than their 2 wheel drive counterparts, and gearing is the biggest factor in gas mileage. The next one is the motor. After that is the weight of the vehicle.
Either way, gas mileage--I believe--depends mainly on the specific vehicle. Two vehicles in identical configurations could get different gas mileage if they had a mind to. My '83 with a 300 and a 4-speed granny gear with 3.08 gearing seems to sip on gas. Once I put it on the road as a daily driver, I'll see what mileage I'll be getting.
Truth be told, my opinion of it is that anyone who is driving a truck older than 25 years old shouldn't be concerned with gas mileage. In fact, I'd extend that to anyone driving a truck. My main reasoning is because trucks were meant for work, not commute. But, when you're on a budget, every penny counts.

I think you're right though, that the main reason people commonly believe the 4x4's get worse gas mileage is from the era of old trucks. Makes me think of the F250 Highboys for instance, which came with a higher than normal factory stance that earned them their nickname. That, and 4x4's typically came with different gearing than their 2 wheel drive counterparts, and gearing is the biggest factor in gas mileage. The next one is the motor. After that is the weight of the vehicle.
Either way, gas mileage--I believe--depends mainly on the specific vehicle. Two vehicles in identical configurations could get different gas mileage if they had a mind to. My '83 with a 300 and a 4-speed granny gear with 3.08 gearing seems to sip on gas. Once I put it on the road as a daily driver, I'll see what mileage I'll be getting.
Truth be told, my opinion of it is that anyone who is driving a truck older than 25 years old shouldn't be concerned with gas mileage. In fact, I'd extend that to anyone driving a truck. My main reasoning is because trucks were meant for work, not commute. But, when you're on a budget, every penny counts.
Have a great evening!
On the old trucks, factor in the extra weight of the frontend, the extra weight and little bit of drag caused by the transfer case, and the higher stance, which puts the truck more in the wind on the highway. All that junk hanging under the truck causes more drag than the top of the cab does.









