I hope you don't find too many hidden rust spots, although you'll find them on pickups that have never been in the rust belt...
I like it! Looks like you made a good choice for a project. A great father/son time together in his teens deal. It's so difficult for youngsters growing up these days. Being at home w/ Dad, working together is a good thing!
Whatever his plans/ideas are will hopefully be something do-able, of course he will need to get a job and spend HIS money on it, to appreciate it.
It could be converted to a half ton, easily, those parts are all over.
Have fun!!!