Fire in the Hole!
First:
Brakes.
If your brakes work and dont leak ...
Next:
Change all your fluids. ...
New fuel, an air cleaner, and start it up.
good luck
..then the fun begins..start off by learning to "Fib" this will be needed if your married..try this " No Honey, our savings were invested in gold futurs..not fj's" not hard with practice..
Guess I should have listened to your advice, but I started it up and decided to slowly drive it to see what worked and what didn't. We have a 1/2 mile long access road to our house and I ran it down that at a slow 10-15 MPH in 1st - 3rd gears.
Engine ran well, but something was making a loud rubbing/squealing rotational sound, not in the fan area, not in the engine block area, but in the area shown in the photo below.
After running for about 10 minutes, (I was actually just idling in the field and the bottom of the driveway waiting for my wife and kids to drive up so I could surprise them with the running '40) it began to make a very loud sound. Not a squeal like a belt, not a grinding noise, hard to describe. Needless to say, I said I needed to get the heck out of there and back to the house (uphill the whole way of course).
I started to motor up the hill and could tell something was wrong. I began to lose power and could smell a burning smell. Once I hit my true driveway (and of course at this time my wife and kids had pulled in right behind me and were watching my new baby die), the car just shut off suddenly - no electrical, motor just turned off completely as if I'd turned the key.
I put it in first gear since the eBrake is crap, and since I'm now on a 5% grade going up to my house, popped the hood and saw...... FIRE! The wiring leading to the thing in photo 1 was burning. I said "Oh sh##!" and started blowing. LOL. It blew out quickly, but clearly the sound and the trouble is with that component pictured. The starter! Didn't know what it was until just now (thank you Haynes manual).
Oh, and now I think I know what happened. When I was starting it, the key would just stay in the startup position without me having to hold it. Once the truck finally started, I just left it in that position, not thinking to play with it to see if it would turn back a little, and thus disengage the starter. So, I guess the starter was still trying to engage, and that was the noise I heard? Could that be? It was not the grinding noise you hear when you try to start an already started "modern" car.
So, the wife is very aware and very wary of this new project I've purchased. No way I can hide it now. The only wise thing I did was to NOT mention the word FIRE to her when describing my troubles.
I guess I can move "starter repair/replace" up near the top of the list now.
My list is looking like this:
1. Brakes - review and fluids (they are a bit mushy)
2. Fluids - coolant, trans, oil, diffs
3. Starter rebuild/replacement. What about the key
4. Wiring check around starter - likely replace small leads that were on fire!
5. Clean out the dirt and crap inside. Get a cover and cover it to keep any more rust from happening once I dry it out.
6. tires/wheels?
7. Side Mirrors - where the heck are those anyway?
8. Blinkers replaced on front. Neither works.
9. Blinker relays - left side doesn't blink it just comes on and stays on
10. Headlight replacements. Can I go LED? Will I need a larger alternator? One headlight is broken now, so at least 1 replacement.
11. Fan control troubleshooting. Feels like a baby deer blowing on me.
12. Heater doesn't heat.
13. Basically everything electrical is shot - probably an entire wiring harness replacement.
14. Wiper troubleshooting. They do not come on.
15. Choke - does it work?
u. Interior stuff - rear seats, seat belts up front and rear,
v. AC installed. This is Tennessee. It is ungodly hot about 75% of the year.
w. Get plates and title taken care of (once it runs)
x. Saginaw Power Steering
y. Rear Disk brakes
z. Body stuff - rust, painting, door hardware, window and hood hardware, new windows?, new rubber all around, getting the doors to close properly, etc.
Yea, that looks like about a couple week's work.
Open flame in the engine bay is never good.
Stranded. Of course at the bottom of the hill.
That truly is going to be a pain down the road. It is everywhere in the engine bay. I guess it held off some of the rust for a while. 
- others use it to rev up the RPMs while they have the winch or an air compressor running off the battery
