Don't sell it.
It's been a part of your life since you were born. I've been in your shoes and found that you'll enjoy just getting it running and driving it. As you said, you're good with your hands, so just get some sand paper and stop the rust from getting worse, figure out why it won't run, and when the kids are grown and have their own memories in it, you can do your frame off resto. I bought my truck 24 years ago (this month), when my son was 6 weeks old. We spent a lot of time together in and under the truck. It wasn't until I heard his reaction to a statement I made last summer, did I realize how important "that old truck" is. All I said was "I think I might be selling the truck...."