I just glanced at this 40 today. If that's a $20K 40, then the Cruiser market must be getting real stupid again.
It's OK, but not $20K OK, unless your a fool like I was 3 years ago buying from Vintage Offroad sight unseen.
There are rust bubbles on the outside of the tub and what appears to be line-X on the inside, which means it ain't gonna stop rusting. The interior is all original beyond the line-x and looks it's age with the appropriate worn holes. This is no restoration beyond a new paint job some time ago and whatever maintenance to keep it running, but nothing fancy. I could see a homebrew crossmember sticking way down below the T-case, but didn't really waste too much time with further investigation or even writing the number down.
I'd have to look at it a lot harder to even consider paying $10,000.00. For it's age it's not bad, but nowhwere near worth $20K given how much needs to be done, let alone correcting whatever jerryrigging has been done to it since 78.