you're my new hero... used oil, strained through a rag to make sure it runs before investing too much... that's awesome on so many levels.
My first cruiser was a 71 and the only big-ticket item I bought was bought for me by my dad - a roll cage.
as long as it goes, stops, and turns... I see no reason why you can't get it going for 1k... granted, if it doesn't do any of those things, it will be more than 1k. With that said, you can save tons of money doing stuff yourself on the '40... my first, I rebuilt every slave cylinder on it... cost me $10 for the little cups and $16 for a hone (that I still have and use.. this is 1989 dollars, mind you). Wiring is another one where you can spend a lot on a Painless or similar harness, but with time, effort, and hacking a harness out of a car with long leads (so you can get more than just red, green, blue, yellow, white and black wires)... you'll have what you need - especially if you grab it out of a late model with water proof connectors.
Another thing, Toyota has good parts for a lot of money - axle seals (rear) is a good example - they are the same as GM 3/4 and 1 ton trucks... like $2.00 vs. $20.00 @ toyota
oh yeah, and MUD members are awesome at being a parts resource, if you need something, ask here... heck, I still have a slave cylinder that I ordered from Toyota that came after the first one was gone (I went through a lot of cars).
My first cruiser was a 71 and the only big-ticket item I bought was bought for me by my dad - a roll cage.
as long as it goes, stops, and turns... I see no reason why you can't get it going for 1k... granted, if it doesn't do any of those things, it will be more than 1k. With that said, you can save tons of money doing stuff yourself on the '40... my first, I rebuilt every slave cylinder on it... cost me $10 for the little cups and $16 for a hone (that I still have and use.. this is 1989 dollars, mind you). Wiring is another one where you can spend a lot on a Painless or similar harness, but with time, effort, and hacking a harness out of a car with long leads (so you can get more than just red, green, blue, yellow, white and black wires)... you'll have what you need - especially if you grab it out of a late model with water proof connectors.
Another thing, Toyota has good parts for a lot of money - axle seals (rear) is a good example - they are the same as GM 3/4 and 1 ton trucks... like $2.00 vs. $20.00 @ toyota
oh yeah, and MUD members are awesome at being a parts resource, if you need something, ask here... heck, I still have a slave cylinder that I ordered from Toyota that came after the first one was gone (I went through a lot of cars).