Well, I am back after a long weekend of doing nothing but working on the truck. It now runs, drives, and stops,
although it doesn't do any of those very well yet. The brakes need bled a few more times, the waterpump is grinding and making noise so I will need to replace it, and it still acts a little starved for fuel so I will probably replace the fuel pump and all the lines along with the filters once again.
We ended up following most of the advice you guys suggested, although we didn't prime the oil system (I know, after all the feedback, and I didn't even do it). We put new points in, squirted some marvel mystery oil into the cylinders through the spark plug holes, and cranked it over a few times by hand. We went ahead and disconnected the fuel line and just poured some fuel in the carb for the initial startup. As I said above, I was very VERY happy when it did, and no amount of smilies can truly express my feelings.
We cleaned the tank out with some diesel fuel and reconnected it along with a new fuel filter to the carb. Poured the rest of the marvel mystery oil into the oil and let it run for a while with the hopes it would loosen things up. Once we did that, we changed the oil, filled up the transmission fluid and took off. Well, kind of. We figured we would take her around the block, kind of a victory lap you know. Made it about halfway before she died. Pushed it about halfway back and then got it running again for long enough to get it home.
We also changed all the wheel cylinders, brake shoes, (4 wheel drum) and master cylinder. Took the old seat out which was barely there (not sure what sort of disaster happened to it), and cleaned the cab out. Oh, and made about 500 trips to the parts store in the process.
So, all in all, I consider it a very successful weekend, and an excellent way to start off the new year. Thanks again for all the great advice and I hope to see you on the road.