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My neighbor has a 1988 f-150 4x4 for sale it has a 302 and a 5 spd manual. It doesn't run yet , not sure why but for 200 bucks I am willing to find out.
It's worth more than $200 as scrap metal. However, it could be just that: scrap.
I'd spend a day trying to get it running but I wouldn't put much money into it.
so far the only thing wrong with it is a bad starter. someone wired in a push button and i think the starter stuck on, the bushing on the commutator was gone and it had been over heated that and the key doesn't come back to lock yet. all minor stuff and i have several people who want to buy it once i get it running.