Looks like a really nice starting point. Don't let my next comments distract you, after all these years, I tend to look at things from a different perspective then most do. I was the guy most would expect to correct things that were not what the buyer expected a purchase from someone else to be.

It looks like it may still have the original beam front axle, adding power steering is a pain to do without redoing the entire front suspension.

I would be concerned about a seller insisting a 318 is a 340 up to the point you have to prove its a 318. I would be concerned about everything else he may have told you. I hope the metal under that recent paint is still good, finding sheet metal for that truck will be a challenge. Gene