I'd get $150 out of the bank in cash, offer $100 (pulling two fifties out of your pocket) and see where it takes you. I did that with the last LUV I got and had to pull the other fifty out of my pocket but ended up driving it home. (Cracked head and all) From the sound of it, I wouldn't give more than $200 for it, and that only if it ran well. That much body work will leave you looking for another truck just to have donor parts.
Another thing to ask is if it has a title. If it does not, then I'd knock it hard on that point. Only worth parts, have to find a truck with a title to swap parts to in order to use it, etc.
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