If you do a little bit of research, buy a few tools, and factory service manual you will be able to do all of the above stated jobs. Considering how many miles this rig has, the maint. will be defientely needed. I was in your same situation, got an unlocked rig, with 150k miles, and paid...
First off you should concentrate on maintenance items before even starting any mods. After you've done the typical things like-birf job, phh, rear axle service, change all fluids you should expect it to last a little while.
Even if you have to fix the hood, a locked 80 with that kinda mileage is hard to find for under 10k. I couldn't find any locked 80s in my neck of the woods under 140k miles for under $11k. If I could convince my wife I would defientely buy this one. Oh well hope if goes to a cruiserhead.
Good Looking 94 locked LC
http://cgi.ebay.com/ebaymotors/ws/eBayISAPI.dll?ViewItem&item=4553631779 not mine just thought I post it. At that mileage with lockers its not a bad price.