Hey it's not all that bad. It just needs some body work, some green and yellow paint to go with the mud flaps, (The bed already looks pretty close in color), a gun rack, a nice set of steer horns on the hood, and get get rid of those rusty exaust brackets.
The pipes are most likely out board to keep the bed clear for a tool box or camper top.

I wander if they have the hubcaps for it? If not a nice set of John Deere yellow wagon wheels would be the next best thing.

Just think what that would bring if sold to a diehard John Deere collector!

 

keep the truck as is and put a 302 in it
1 he** of a sleeper

 

I think its nice

 

It better have like 500hp though so you can beat almost anyone.
Put electric exhaust cutouts on it, and have really quiet mufflers on it, and then have it be straight piped when you open the cutouts. *pull up next to a muscle car, and challenge them for a race, and a couple seconds before the light turns green, open the cutouts.......light the tires as you leave and go flyin by leaving the car in smoke.