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I'd take a closer look at truck #2 to make sure the body mounts aren't rusting out. Floors are easy, but weak rusted out body mounts can be a bitch. Time is money, so think about the hours you'd spend and what you're hours are worth. You can make more money, but once you spend your time, it's gone forever.
Definately truck number one. When it comes to fixing rust spots and painting, $1,800 doesn't cover too much, especially if you have to replace a section of the floor. And even then, you can't guarantee that the rust won't come back.
I have almost $6k into my 74 F100. Grandpa took very good care of this truck since new. The only obvious rust was the cab corners. Paying for body work is expensive. But, this one is a looker. Primer, paint, reducer, sandpaper,,, it all adds up very quickly.
Someone mentioned cab supports.I had the steering shaft on my 64 (IIRC) ford unibody truck snap as I was turning into a friends driveway. Ended up in his neighbors front yard. Could have been quite a bit worse. I always check supports now on any older truck I look at.