I bought this about 2 years ago ...running and driving 1949 f-4 with 22,000 miles on it...it's been in the same family since new...absolutely no rust at all...I poneyed up 4000 for it and was able to drive it right away....

 

I might add the first thing I did was get rid of the widow maker wheels and found budd wheels for it

 

I installed a 4:10 ratio Dana 70 from a 1969 Ford F350 under my 1949 F4. Very easy swap and I used the parking brakes within the 70. Sterling rear ends will work as well. Both of these are eight lug but in the recess of the wheel it is a very hard visual to tell that there is a difference between fronts and rears. On the front, I went with drop center 19.5" and am running low profile tires up front. The truck sits level. I carry a spare for the front and by design, have two spares for the rear. All suspension components replaced and front shocks added. I went with a 350 SBC with 700R4 OD transmission. The truck will easily cruise at legal road speeds and is a pleasure to drive. It stops well and steers well with manual steerng and brakes.
IMO, the F4 is the right size real truck that can be used as a truck.
Edit: A very nice solid F4 can be had very reasonably. You can build one into a practical vehicle for much less than one of the smaller trucks.