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I am looking at a '51 F-1 with a straight axle with Wilwood disc brakes and Mustang rack and pinion steering. Since I know nothing about these trucks, can you fill me in on whether this is a good setup or not?
Well, if it's got discs, then it has a dual master cylinder and probably a power booster setup, all of which is good. I'm not sure if you'll need to contact Wilwood when you need new pads, but that's something to think about.
As for the Mustang R&P, I know several companies make them (No Limit, for example) but I've never seen one in person. From what I understand, the rack attaches to the axle itself. This means the steering shaft is a telescoping affair, and must be lubricated (serviced) regularly, since it moves with the suspension. Maybe some other FTE members who have experience with this setup on their trucks will chime in on steering and ride quality.
I had the no limit rack and pinion steering setup on my truck for several years before I put the mustang II front end under it. I had no problems with it and put quite a few miles on it. The only thing I did not like when driving down the interstate I could feel the expansions strips through the steering wheel when I ran over them.