Can you enjoy the truck "AS-IS", without fixing the rust? If you will enjoy it, then go for it.
Your friend is correct, it will cost you much more to fix that truck than to buy one in better condition. With that much rust it will eventually return to its present condition anyway.
To be safe, assume it will only be worth about scrap price when you want to sell it, regardless of how much you spend on repairs for it.
You might still spend another $2000 or more just to get it back into safe driving condition: tires; brakes; master cylinder; brake lines; battery; radiator boil, carburetor overhaul; fluids; and maybe a distributor overhaul are not unreasonable repairs for a 50 year old truck that has been sitting for six years. If the truck will do the job for you and it puts a smile on your face for a number of years, that's a small investment.
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Today's Featured Article - Third Brush Generators - by Chris Pratt. While I love straightening sheet metal, cleaning, and painting old tractors, I use every excuse to avoid working on the on the electrics. I find the whole process sheer mystery. I have picked up and attempted to read every auto and farm electrics book with no improvement in the situation. They all seem to start with a chapter entitled "Theory of Electricity". After a few paragraphs I usually close the book and go back to banging out dents. A good friend and I were recently discussing our tractor electrical systems when he stated "I figure it all comes back to applying Ohms Law". At this point
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