I'm late to the party here. Nothing new to add really, but just echoing what others have said. While I'll agree its probably a good starting point for someone with some serious skills, it would be a ton of work to get back to where I would want to be with it. There is no reality where this truck deserves $5000 though. That's over half of what I had to give for a wholly rust free example:
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Original AZ truck. While I have put several thousand into it with tons of sweat equity behind that to get it here, its still fairly original and over all a pretty good buy. This post is more to illustrate that better deals are out there if you are patient. This seems like just a deal that happened to come up which would have satisfied your hunger for a 60 series so I get taking a hard look at it. I wouldn't however underestimate the work involved in getting these to run reliably, even without dealing with all that rust. They are just a ton of work in ANY condition. Its just part of the deal with owning one. Not trying to talk you out of one, but just mentioning there will definitely be work involved. The one you are looking at would be above my skillset for what it would need to get right, and again guy is nuts if he thinks its a $5000 example. I am sure there will probably someone out there who will buy it at that price, but don't let it be you. There are just too many rust 'free' examples out there to deal with crusty frames and whatnot IMHO. Good luck in your search. HTH.