[masraum]

Decent repaint.
Mechanical freshening of engine and drivetrain (I like the crate motor idea, especially if you can go the route of something with fuel injection).
seats and interior - comfy and in good shape, but it's a work truck, so don't go crazy.

Keep it looking like a mostly original but well cared for vehicle, ie, no crazy paint, no crazy seats, no crazy stereo.

If the brakes are good, then fine, leave them, but if you get a power upgrade and the brakes are just OK, then you may want to upgrade. There's probably some sort of upgrade that involves swapping stock parts from another car/truck so you can buy stock parts when things break.