So what happened @marshcat did you pull the trigger?
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Went back today for a test drive and further negotiation. Truck really needs a lot of work, and the lowest the seller would take is $3800. I was closer to $2500 given the rust, leaky exhaust, worn out brakes, rough idle, and worn interior. At his price I'd rather spend another thousand and get something less rusty. The seller said he's going to tow the truck to his mechanic to get a better sense of just how much the repairs will cost; I suspect he's in for a rude awakening.
In the meantime the search continues!