[bohmankid]

It looks like almost all of the money has been put into the motor. Some into the suspension. If he takes the motor, you should pick up that truck for super cheap. I don't know what is done to it besides the paint, so I would say without the motor that truck may not be worth more than $3K. And that's generous.
You could sell the old parts you take off it and you won't be so much in the hole making it what it used to be. replace front fenders, repaint, interior, and 'normal' suspension. easy-peasy. Plus it's a cool story to tell your grandkids! and all that mumbo-jumbo.