[Accelo]

Repeat after me, budget builds are a figment of imagination!

For me it would come down to "will I drive it in the rain"?
Some POR and a brush work will clean up a frame nicely.
Way more work, I know of some great restorations done exactly that way.

However, it it's going to shows only in the summer I would pull the frame.
Have it blasted and powder coated.

Keep track close track of the body mounts, reproductions I have seen are all crap.
(My core support rubber mounts cracked before the truck was back on the road)

Pull the brakes off the differential. Just leave the backing plates on it. Leave the rest together and have it blasted at the same time they do the frame. Then paint the diff, not powder coat, then rebuild the wheel and pinion seals. Cleaning these up by hand is a PITA. Especially the heavy 3/4T like yours.

Most powder coating business have a oven that will bake the steel to remove the hydrocarbons from the steel before blasting. It get to 900 degrees. My front cross-member was full of oil. They cooked it and blasted it and powder coated it. Even the inside looked like new and was coated 100% or at least as far as I could see.

No springs allowed in the 900 deg oven as it will remove the temper. 400 degrees used for power coating is fine for springs. Some think it is to hot, it has worked out fine for me.
The price for powder coating varies a lot in my area. By shopping I paid almost half the first quote.
Nice rig. Looks almost rust free. You have a keeper there.