Need some advice: Should I get it?

[danheit]

Backstory:
I have a 2003 F*rd Expedition Eddie Bauer 4wd, 220K miles, great truck, worth somewhere around $4500 give or take. Truck has always been very dependable, and is the only SUV I have for taking long trips and towing new projects home.
I drove the truck and family to the Charlotte, NC Auto Fair a couple weeks ago, truck ran fine, came home, parked it, went to get it to go to the store to get milk, truck wouldn't start. After some digging, found out the PCM relay had gone bad. Replaced it, truck runs like normal again. BIG concern is that these trucks are known to have the interior fuse panel circuit board fry and burn up the PCM relay, possibly leaving you stranded on the side of the road somewhere, with no notice. Now I don't feel comfortable driving the truck. It normally only gets driven about once every 6 weeks anyways, so no big deal, but it's the point of it. I can buy a new and updated fuse panel for about $300 and fix the issue. Then I'm back to having my 220K mile old SUV.

Issue:
One of my buddies wants it, and wants to trade me a 70 C10. Here's the rundown on it:
Truck is rough looking, typical old barn/shop truck. It's slammed to the ground and tubbed in the rear with 15" wide meats. Truck has a 454bbc and Turbo400. Truck still needs a driveshaft, brakes, wiring, and fuel system. Also has no bed floor and the frame has a Monster notch.
Truck sounds like it's a BIG project, but it doesn't scare me off too badly. Wiring is no big deal (it actually only needs the engine compartment wired for the 454), and brakes, although I despise doing them, isn't that big of a deal either. There's no master in place, so all that will need done. Driveshaft......I'll have to see if a standard shortbed shaft will work (have one), being that it is lowered as much as it is, or if I will have to have a custom shaft made, which I definitely don't want to pay for. Fuel, I have a fuel cell for my Nova that isn't hooked up yet, that I could easily just throw in the truck to get it going. That and a few feet of hard line is no biggie.
I'm just trying to make sure I'm not screwing myself financially here. For some reason, I can't see past the cool factor of the finished truck.
He also has a 68 Burb that he would trade instead, but it needs body work. Runs and drives though.....

What do you guys think? Is the Big Block truck worth it? I haven't heard it run, but trust him that it will. I'm looking for someone to give me that extra push to topple me across the fence one way or the other.