Well, I didn't make it down to look at it this weekend. After posting, the ad was updated and mentioned hail damage to the hood and he said there is some to the roof as well. I will keep the truck in my back pocket, but while it is still in better exterior condition than mine, I don't want to trade one problem for another. If it was closer, I'd go take a quick look, but it is 80+ miles away.
I found another project locally, but I don't really have the shop space for it right now. 1984 XLT with a blown 460. Guy has a replacement motor that he started to do a reseal on, but broke a rib and can't finish. He has it listed at $1500. I also found a very clean 1968 Ford Futura 4dr for $2700. It is 90+ miles away, but might go take a gander at it this weekend.
Fortunately I have time to make a decision and not just jump on something.
1986 F-150 SC 2wd 4spd 302EFI Base Model all OEM motor/trans/emissions equipment.