Ok, I think I've finally figured it all out. My truck is smoking, its overheating still after replacing the radiator/cap/hoses and belts, and the cylinder vacuum is erratic. I'm convinced its the head gasket. What ultimately tipped me off was while I was trying to fix the overheating problem, I flushed the system by running the hose through it backwards. After I got it all back together, I tried to start it but it cranked, rumbled and blew water out the tail pipe. Water got in the cylinders. I'm also worried that I've warped the cylinder head too (especially after overheating it REALLY bad one day

).
So now I have to face the issue. I'm 19, a full time student, and the luv is supposed to me my daily driver (I'm borrowing a car from my parents right now, but they need it back soon). I have a buddy with a garage and tools that I can use, but I don't have much time to work on it, even less money. I've found a complete cylinder head for about $175, but I'll need gaskets, rings and pistons (to be safe) and to have the cylinder honed, I might need a thermostat or a water pump if the overheating issue isn't just the head gasket, I still need to pay registration (I'm running on temporary plates, it still hasn't passed emissions), and what else? I'm worried about finding something else I'll have to replace while I have it apart and end up getting screwed. I'd have to sell it as is, running or not

. At least now it runs (sorta) and someone could drive it home.
I've rebuilt a quad (put rings and a clutch in it), but never a truck. What else will I need, and how much will it all cost? I've got a good deal on the cylinder head, but I've only got about $350 total to invest in the luv (not counting for registration). I'm worried cuz if it goes over that, then it'll be a lost cause. I'm debating fixing it, or selling it for $800 or so and getting a different cheap used car (finance it or something, idk)

.
Basically, do you guys think I can fix the luv with $350, fairly good mechanical skills, and my buddies help, or should I bail and look for something else? If I do try to fix it, what all could I run into? Its a 1978 with 172,000 miles on it, so its getting up there. I love the luv, but I need a functioning vehicle. Help!!
,Brian