I initially wrote a little about this on the FE forum. Of course due to the nature of the Fe Forum with moving topics to the top (or lack thereof) figured I'd document the work on this project here.
The back story:
I was in NYC and headed by boat to Haiti then to Mobile AL, so I was going to be without cell service for a solid 21 days or so.
When I got to Mobile I saw that my son had bought himself an F150 with a 302. Now to fully understand my surprise you have to understand that my son is 12 years old.
He saw the truck on the side of the road and wanted to check it out. He arranged a time to meet the owner and he brought back my "old retire guy crew" to inspect it with him. I've got some older retired neighbors that are hanging around my shop and always interested in what projects I may work on. They are cool fellas, and the three of us have an "open shop" policy (ie if any of us need a bolt or washer or tool, we check the others person shop before the hardware store).
Anyhow the asking price for the truck was $2,000 and I'm assuming his cuteness talked the owner down to $1750. He needed one of the retired fellas to drive the truck home for him. When I talked to him this views were of sound logic. I own one of this series of trucks so I have spare parts on hand, they are cheap and easy to fix, and unlike a Honda Civic, this truck would appreciate in value.
So when I got into cell range I saw these pictures:


Now I love a project, so I was excited to get home and get to work on it.
I finally arrived at home, and checked out the truck. Was pretty decent. Right away despite the lack of trivial things like license plates, we decided to see how she ran. Fired right up, we pulled out of the driveway and went around the block. I pulled the truck into the shop to inspect it when the wife said "Hey, take me for a ride." So she jumped in and we went around the block again, but didn't make it too far before the truck died. Of course this is when they said "Oh yeah, the truck doesn't run at all once it is hot." I sprayed some starter fluid and cranked the engine, but it was obvious there was zero spark.
So, I left them with the truck and ran the half mile or so back to the house and got my truck and a tow strap.
Got them hitched up and back to the house we went.
Within 30 seconds my dear wife (bless her heart) drove over the tow strap and promptly broke the brake line off.
So, two missions now.... brake hoses and hot start ignition.
I ordered brake hoses, and went to finding the ignition issues.
Of course, before tearing into it, I felt some ignition system theory, and how to was to be taught:

Ended up finding the problem was the ignition pickup in the duraspark distributor. I found it view checking resistance. This led into a long discussion of how and why to use a multimeter. We spent a good hour checking various things in the shop. Anyhow, I happened to have a spare pickup, we tossed it in and the engine ran very well for 30 minutes, tho was obviously off a little.
The wife caught us taking a break.... ok I was showing him how to work an AM/FM radio and how to program channels with the push buttons. We were listening to some obnoxious Mexican music when the wife spotted us and took this picture:

Now some random pictures:
The kid likes metal working, I need to get him doing some welding:

Bed rusted, so someone rivets a plate to it, easy fix should we care to do it:

Engine and truck amazingly original:



Interior is decent:

The clearcoat peeling:

The worst troublesome rust, luckily I have a parts cab to cut on:

Engine sounded rough so we found all the vacuum leaks, reset the idle screws, reset the valves, and set the timing to 10 degrees initial. We were told the engine was rebuilt in recent history. Normally I ignore such claims, but it is pretty clean under the valve covers, so that is a good sign.

Engine still not *perfect* I checked the timing chain and it is crazy loose. So that and brakes are the next projects.
video:
http://vid68.photobucket.com/albums/i6/DeepRootsNursery/Ronins%20F150/MVI_1382_zpspi6ysbmz.mp4I'll post more as we get into the truck further. Progress will be somewhat slow as my son is the one who bought this truck and he is paying for the repairs.....