Cutting it back will help but I don't know that it can ever eliminate 30 years of UV fading.
You've got nothing to lose Cory!
And if need be, maybe you can get those fenders in the shop with the bed panels to do them all at once.
Jim,
Lil'Red is a '87 F250 HD, 4.10's, 1356 4x4, Zf-5, 3G, PMGR, Saginaw PS, desmogged with a Holley 80508 and Performer intake.
Too much other stuff to mention.