When I had my truck out for the first time a couple nights ago and I went to put some gas in it, the guy at the counter says " how much is it going to cost you to restore that thing" Then i watched his jaw hit the counter when I told him I already have $12,000 invested into it. This is the grey area on value. To someone who has put in the time, it's worth a whole lot more.
Now after re-reading your first post, I'd be more inclined to strike a low blow offer to the guy and try to get it home for as little as possible. I'm sure you could weld on a car clip or replace the steering and suspension pieces and keep the solid axle. Out back, just look for some used bags with a controller set up and you'll be rollin in style.
I'd really like to see a few more pics of this thing and the franken welds you speak of. Shots of the C notch would be nice too
I have my own franken welding to deal with in the fall when we start on the chassis work for the wifes 58 GMC. The previous owner welded a Nova clip on and didn't do it right so we have to spend hours grinding through the hubba bubba gobs of weld that he left behind in order to clean it all up and weld it properly.