Potential purchase - looking for input

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initially I thought I wanted more of a project

I don't think you need to worry about not having enough of a project no matter what you spend.
 
The backfiring could be a vac leak or timing/ignition issue or carb or ....issue.
Does it backfire out the carb or the tailpipe? Those are very different problems.

If it worked perfectly, it wouldn't be any fun!
 
The backfiring could be a vac leak or timing/ignition issue or carb or ....issue.
Does it backfire out the carb or the tailpipe? Those are very different problems.

If it worked perfectly, it wouldn't be any fun!
Backfire is from the tailpipe...
 
Backfire from the tailpipe is caused by unburned fuel igniting in the exhaust.
Anything that will cause unburned fuel to get to the exhaust(eg. fouled plugs, bad wires, weak spark, some carb issues) or cause a spark when the exhaust valve is open (retarded timing, cross firing on plug wires, tracks inside distributor cap, valve adjustment off, etc) can cause it.

When you get it home it's a good idea to give it a good tuneup anyway. It's a great way to learn your way around your new truck. Put a vac gauge on it. Spray around with carb cleaner to look for vac leaks. Adjust the timing, replace any ignition stuff that needs it (with quality oem or equivalent), adjust the valves, adjust the idle mixture and speed.
 
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