Thanks guys. The truck is mechanically in great shape; I had a reputable (per Ih8mud) Cruiser mechanic on the west coast do an inspection and he was very complimentary of the vehicle.
It's an 89 with 139K on the original drive-train. Interior is in great shape and nearly everything seems to work at this point (rear door lock actuators don't seem to be able to drive the lock mechanism up and down, but I haven't found much else wrong). It's got a wee bit of rust on the bottom of the drivers side door that will have to be addressed at some point, but the body appears to be in great condition otherwise. It needs a new antenna, though I'll probably swap out the original stereo for something more modern when I replace the antenna.
As for prioritizing upgrades; I'm focused on making it as mechanically sound as I can right now. The PO put the lift/tires on, but didn't bother to get a spare so the one on the vehicle needs to be replaced. The wheels probably need a little more backspacing as well as they are nearly sitting on the (tie-rod?) bolts at the end of the axle so I need spacers or new wheels. The guys that did the shackle reverse tack welded the suspension in, which I understand is by the book, but I'd like to have full welds before doing anything too serious off-road (personal preference). The lights on the ARB aren't wired up, so I'd like to get them wired in at some point. The knuckles will need to be rebuilt down the road as well, so that's another thing on the list.
Do I detect the makings of another HAMOM?