That's a good question and no expert on the subject.
I think parts breakdown from wear and from age. Can't say what contributes to what. It all depends.
So say a fuel pump is likely to break down because it's 22 years old and less likely to break down from wear.
Tires would be a classic example.
But I think as long as it was driven regularly, it should be in very good condition. If it sat and wasn't driven it would be evident with dried out weatherstripping, hoses, etc. May have been even garaged.
In all honesty, the average Joe or Jose probably won't buy this truck for a daily driver. It's more likely to get purchased from an enthusist or collector with a nice bank account.