1972 Custom 10 4X4 $450.00

[Biff]

Okay everyone, I am new to this site. I have been visiting for a few days now and I really think that this is a great site. Now heres my delemma:

A good friend of mine has a 1972 Custom 10 4x4, 350 automatic with about 160K miles on it. It was purchased new in 1972 by his father who had some rust fixed, new wood in the bed, and a new paint job put on around 12-13 years ago. This was a daily driver (110 miles round trip for about the last 7 months) until last week when my friend got to work and realized that he no longer had any forward gears. So the truck sits in a Michigan parking lot 65 miles away in the snow and freezing cold. This is where I come in. I joklingly told him that I would give him $200 bucks for it (cause I am a helluva guy) to which he replied, "Give me $450.00, you pick it up, and its yours". Now, I am currently a full time student, my wife pays the bills but we have money left over from a buyout at my job with GM . So the money is not really an issue. We talked about it and she is worried that it will just be a money pit and that this is NOT an option for us! Now, I am not trying to sound like a wuss here... but she is paying all of the bills at this point. What do you all think I should do? Is this truck worth it? I think it is. I am going to keep working on my wife but I might need a little help from all of you to tell her if this is a good deal or not! Thanks.