I think you got one heck of a deal. Looks really straight and not must rust at all.
These trucks are really simple to work on. When I bought mine there were lots of issues with electrical and I also was worried that I paid to much for it. But after going through all the electrical grounds and following the wireing harness around repairing "weak" sections most of the problems went away.
If you want a project truck for your boy and you I recommend selling that truck to me and I can help you find a real project truck...
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Just kidding, nice find and hope to see more about your truck and see you around the site.