If you buy and do all the work you mentioned you will have a lot of money in a truck worth less than you have invested. Someone who buys a vehicle like that because they enjoy classic cars, going to car shows, enjoys tinkering or working on them, driving them in parades etc. If you are interested in that truck and want all the things you mentioned like suspension, AC, HP, you are better off shopping around. These trucks are often sold at prices way below what is invested. See previous post links to car sales.
If you are a good mechanic and have the time, money, can do the work yourself, can buy it right, then go for it.
I'm into classic cars myself. Not so much into full restorations but into resto-mods. That is an older vehicle with modern suspension, HP, AC, just like you want to do. My current ride is a 57 Chev. 2 Dr. Sedan Deivery. It has had a frame off restoration, updated suspension, 454 V8 and 700R4 trans, new interior, new body panels etc.etc. I bought it for almost half of what was invested then added my own accessories. I'd post a pic but can't remember how.
Well, I figured out how to add one pic.
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