Every thing that the previous owner did was to make it useful to him. Isn't that what most of us do with these trucks? None of the modifications look like they were bootyfabed. That's not to say that the diamond plate pieces look especial great, but they aren't held together with JB weld and duct tape either. MilTrucks had an 816 with a wheel lift and it was very nicely done and looked milspec. I agree with all of you that the paint sucks it's not so much b/c its red and white but the fact he painted everything red and then decided to paint individual pieces white.
If it were ME i would repaint it in carc or in a pattern (i.e. red/white or orange/black), get a new front bumper, take off the diamond plate squares, redo the rear fender extensions with 10-14ga sheetmetal, make a cab protector to put the warning lights on, move some lights around, and either paint them or replace them with milspec lights and blackouts. Unfortunately it's not my truck so i doesn't really matter what i would do with it.