What would you do?

[Matt67C10]

My 67 LWB stepside is at the shop (a guy who specializes in classic/antique vehicles) to have the motor rebuilt. It's my wife's grandfather's farm truck and has been in the family since 1970. We are sticking with the original 250cid 6 and 3spd trans. Since the motor is out...the guy at the shop wants to know if we want to restore the truck, body off frame. Now, I'm 31 and want to be able to drive this truck when I'm 70... he has given us (me and my father-in-law, the guy handling the $$$- BTW, he's the coolest inlaw in the world) the option of redoing the engine compartment (sandblasting, painting) and putting the motor back in (approx $800, not including cost of rebuild) or pay-as-you-go restoration that will take one year and approx 20K. I've never done anything like this before...the other option is just put the motor back in and drive the thing. I've attached pics, it's the original light green. The guy at the shop says it must stay that color for "restoration" or do any other color I want. My wife wants it red...I need to talk to the man with the $ this weekend and I'm not sure what to do. The truck has sentimental value and will stay with us forever.
Matt