Update and pics:
I'm going to pass for a couple reasons
1- its really needing work in the engine department. The body and frame are remarkably rust-free and its a fantastic project, but there are more issues than just catalyst. I got it started today and it barely runs. It will idle, but breathing on the accelerator kills it. It is also smoking pretty badly (couldn't detect a smell other than a slightly rich fuel smell and maybe a little bit of oil)
2- the husband agreed to give it to me because the wife offered it free, but he wasn't happy about it. Since they're friends, it is the right thing to do to not cause trouble.
3- they are pretty strapped for cash and they've had several offers of $1000 for it as a parts truck.
4- I really need a road-ready truck. I am working 14 hour days and don't have time
5- It has 265k instead of the 165k she originally thought it had.
Does the phrase "too good to be true" come to mind?
But really... its a great body and frame. The rear bumper is toast, but otherwise its very nice. Its a perfect project, I just can't take on a project right now.