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I have a 1980 F-150 flareside 4x4 with that style frame. I haven't done any real 4-wheeling yet(too busy repairing worn out parts), but the yahoos that had the truck before me did.
It seems to have held up pretty well. We'll know more as I go along of course
In my experience with my 2wd, in severe road conditions, might as well be off road to some.
You will experience a lot of flexing, Cab and bed rubbing, etc... especially over rocks and holes. The frame comes back into shape however. Havent had a problem In 470,000 miles....
I've offroaded mine a good deal for a lot of years. Hardcore is a pretty good understatement of how my junk gets flogged - and I have no cracks and no breaks yet. These frames when exposed to salt seem to have a lot of problems.
My '81 cracked on the driver's side front leaf spring mount. Probably because the frame is so rotted away but I welded a piece of 1/4 inch plate and its perfect.
My 81 has the frame and The only problem I have heard that they get totaled very easily in a wrech where it is hit in the side. My truck has been punched in the nose twice in its life that I know of. One was a tree on the passenger side before I got it. Once on the driver by my self into another truck. Frame hasn't bent yet.