Newer truck or keep mine?

[Pont406]

For over a year I didn't do much to my truck. Just oil changes, p/s box and drove it hard. It needs brakes and suspension rebuilt. Drums are squaking so bad that cars get out of my way. Maybe I am getting too old but I really missed an a/c. Before I didn't care because my buddy had a 07 Ferd 350 we used for long trips and towing. Well, he lost that truck in order to keep a house. So now I don't have a truck to tow my car to a track. It's about 100 miles one way.
If I fix my truck will it tow 4500-5000 lbs? Only 200 miles round trip. I have all parts to do it but a prop valve, master and rear axles. If it's can tow I might get an a/c later on.
Maybe I should sell it and buy a mid 90s gm truck? I see them for sale cheap.
I am also consern about the frame. It's rusting due to a truck park outside all the time. I might just let it seat and buy mid 90s truck cheap.
I need some advise on these issues.