I agree with the others and say that you should continue looking for a better truck to start out with....you can spend just a little bit more now, and get a decent truck that doesn't need as much. The truck you're looking at will cost an arm and a leg to get back to the condition you're after.
That is, unless you're wanting to get a truck like that to restore and mess around with anyway! Then by all means, go after it.
Myself, I'd start out with a body that is straight. The engine is no big deal. Body work isn't cheap.
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Project truck: '81 C/20 converted to 6.2L TURBO DIESEL bored .040", gear drive, 6.5L injectors/pump, custom pistons, custom 4" exhaust, 700R4, 4.10's
Daily Driver: '95 K1500 Tahoe, 6.5L TURBO DIESEL, NP241, 4L80E, 3.42's
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