Wish mine looked that good. Get on the rust first thing but it will be worst then u see since they rust from inside out. No worries cutoff tool and a welder with patients it will be good as new. I love mine. I waited 38 years to get one. A friend sold me his for $1,500. It ran great. Neglect left several minor issues for me to resolve such as 3 flats filled with sand, broken wire in rear harness, bad headlight switch connection, bad turn signal switch, light sockets corroded through, loss pinion bearing, leaking wheel seal, windshield cracked and frames rusted through, cracked steering wheel, 2 gallons low of antifreeze, frozen pintle hitch, no winch, front wheel falling off, torn boots, leaking pinion seal, o ya lots of rust. All corrected except rust. Not to bad for one year of ownership. I put in a parade and car show. Took her camping several times. Every where I go I get thumbs up, look a rounds. Used winch to straighten body damage to two cars, moved 5 yards of dirt (no dump), picked up kids at school, hauled brush to recycle center, taken off-road several times(workout better than gym), hauled 38 ft 5th wheel camper, hauled M105s home, unload expandable shelter from trailer, loaded M105 body on to a trailer, hauled campfire wood to house (we have a fire out front on weekends, cookouts and drinks) and many trips to stores.
I have a few more things to repair with no rush. I can only say enjoy your newly acquired truck.
The air pressure (and buzzer) and oil pressure built up nicely and held. The temperature gauge was not functioning, so that will have to be further diagnosed. I drove it around the main building a few times only going up to 3rd gear. The brakes were very firm. What a blast! 
