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OK here's the deal- i was lookin in a trader paper and found a 55 ford with a rebuilt(5 years ago and doesnt run now)351M400, LTD subframe, he says it has new carpet and matchikng door panels, all of the glass but the back. so i will try to post some pictures in my album ...oh he wants $1500
1500 is a giveaway IF the work done is straight and safe, the parts are all there and any body rot is repairable. If the frame has been Fubared and the body a lace curtain then you're looking at jacking up the radiator cap and rolling a new truck under it.
Also take inventory of your own skills and equipment, place to work for the next several years. If you can realistically do most of the work yourself and have a place to tear it apart and trip over it, then cool. If you are going to have to hire people to do a large share of work and live in an apartment complex find something that is (nearly) complete and on the road, you'll be money well ahead.
i have a 55 that i got for 400 and i also got a 79 LTD for 150 that i used the front susp. and a 302 that needs to be bored and rebuilt.
my 55 needs a l fender, hood center is pushed up, lower valance is warped, CAB- i have rear corner patches,have patched the rear half of the floor, the front needs lots=o=patches still, the ROOF has a hole in it.
BED-i saw it the day i bought it. needs new sides and the tailgate is pushed out, fenders are questionable
So I have a pretty good frame, and some parts. pictures of the parts truck and my truck are in my gallery under my 55