I could not imagine being not mechanically inclined and owning one of these trucks.
Parts are FAIRLY reasonable, but as with anything, labor is the killer. Being my own mechanic, the only thing I'm out is time.
Frank said it best, you're not YET in a quandary, as you have not yet drained your bank account in a purchase. The best way to make sure you start off in the green is to plan for the worst, and celebrate when the best happens. Here's an example of the truck I'm working on now.
A very good friend of mine got a good deal on a deuce that had been part of a large collection when the owner died. Now, this job started off as a prep and paint, but as we were going over the specifics of what he wanted, it was brought to my attention that his brakes were not working very well at all. I told him, at that time, that we could do the brakes without much effort, but we'd have to repack bearings and do seals while I had them off, just so that he wasn't getting a half job. He got the truck for an excellent price, so we weren't too worried about what we'd find.
Needless to say, its neglect started to show when we got down into it. And, fortunately, he was in a position where he could put the money into it for the repairs that it needed. You may want to really sit down and write out what exactly you want to do to it, what modifications you want to make, as well as the cost of routine services that you are going to perform. IF it was my truck, I'd treat them as a big unknown unless I personally knew the seller and knew the history of the vehicle. Brakes are always treated as an unknown for me, regardless. Hydraulic brakes are very safe, and very effective when they're in proper working order, and you can more efficiently spot leaks when you know the system is up to your standards.
Here's a few pictures of what we have dealt with:
Sludgy coolant system. A coolant filter should definitely be on your list of modifications. The coolant that was in the truck was only protecting down to 31 degrees F when I ran my test strips in it...
The wheel cylinders all looked like this, and the rubber on the ends was virtually gone. There was evidence of scratching inside the wheel cylinders themselves, indicating dirt in the system. In this case, you can see the evidence in the brake drum where there was DOT5 Brake fluid pooling while the truck sat. The pictures below are of the compromised wheel cylinder.
Let's not forget the brake hoses. This is one of the better ones.
This is the inside of the primary Fuel filter housing. I'd say that this was pretty extreme, but I have not worked on many deuces, so I cannot make that dissertation.
Last but not least, this is a view of one of the tires. Out of the ten tires that were on the truck, only two were (in my opinion) safe to operate. Note in the last picture, there was nothing on the outward facing side of the tire to indicate that it was in this condition. It should also be noted that this tire was on the steer axle.
Sorry if this came off long winded, that was not my intention. I do better with pictures than with text, by far. I wanted to share this with you as an example of some things to look for upon your next inspection of the truck.
Don't let this dissuade you, however. Between the TMs and this website, you can do anything that you set your mind to with these trucks. For the most part, a standard wrench set, a 3/4 inch breaker bar and socket set, and a good bottle jack/stands, and a little brute force will get you just about everything you need done on these things.
But, that being said, PLAN ACCORDINGLY.
Also keep in mind, I'm not an expert. I can't hold a candle to the knowledge that the long-time members of this site hold.
~Brian