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What you have is typical of how a backyard guy would do a 4X4 conversion in the '80s.
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The truck has been sitting in a barn for over 20 years. Hasn’t been registered since 85.
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Well there ya go.
I'd do what mongocanfly suggests. Get it running good and sort out the issues with the 4wd parts. Get some shocks bolted on, make sure the U-joints are good, make sure brakes work right, make sure transmission shifts. I'd also look at the steering shaft to make sure the angles at those U joints are good. You might look for an NP205 instead of the 203, but they're usually like gold around here.
Seems like a decent truck. It'd be a shame to tear it down then end up leaving it sit for another 20 years.