Interest check - 1956 GMC 4x4 1-ton

[botboy]

Went up to pick up my girlfriend up past bemidji minnesota on friday and stopped to see a truck I saw sitting in a field, and talked to the owner.

Truck is a '56 GMC, green with not much left of the interior. Truck has standard rust in floors and corners, and in the headlight vicinity - nothing I wouldn't expect (I did have a '58 Chevy Apache so I'm all too familiar with where they rust). Front grille is gone, grille surround a little dented. Was originally a AAA salvage truck and still has the stickers, original wrecker (I presume a tulsa) has long since disappeared and has a homebuilt contraption on it to lift cars with. Also has a plow and full electricly operated hydraulics on the front to run it (which is why the grille is gone). Has military spec tires on all 4 corners, eaton rear (looks like an HO52), divorced T-case, SM420, and some strange lockouts on the front (I've never seen anything like them before). Has the original poncho engine, he thought it was something like a 262 CI V8, starts right up and runs good. I assume this is a factory 4x4, like a napco. The current owner bought it from AAA after they had used it for about 15 years.

He wants $1000 for it, might be able to negotiate for less. Truck certainly needs a little work but nothing I can't handle. What is reasonable to expect for something like this if I were to buy it, fix it up a little and resell it? Or went over the bodywork completely and repaired the fenders and floors then tried to sell it? Should I go for it? I would love the truck now but I gotta pay for college and a profitable buy/sell would be awfully nice.