FIRST, fix everything related to safety. Tires, suspension, steering, brakes, lights. Pay special attention to the steering-column rag joint, they're almost universally bad. Removing the stock rag-jointed lower steering shaft in favor of a lower shaft using a U-joint was VERY recommended, but I think the parts have been discontinued.
A 1500 pickup will almost certainly have the horse-crap 254mm (10") leading-trailing shoe rear drums. They're pathetic; a horrible design that won't stay in adjustment because nobody uses the park brake any more. You will need to assure that the park brake cables aren't seized, and that you USE the park brake regularly. The real fix for all of this is to upgrade the rear axle from the OEM "10-bolt" to a 14-bolt semi-float, or at least upgrade the rear brakes to the 11.x Duo-Servo drums. (NOT a cheap 'n' crappy disc-brake conversion.) Upgrading the axle on a 2WD is more-complex than upgrading the axle on a 4WD. The front brakes have Low Drag calipers, make sure the pistons move freely. Common for the brake fluid to be ancient, leading to deposits on the piston and the rubber caliper seals. (Flush brake fluid, clean the master cylinder reservoir) May need to rebuild or replace the calipers (and wheel cylinders.) The brake anti-lock (ABS) will need to be bled USING A SCAN TOOL.
Upper control arm bushings are certain to be wiped-out, lower control arm bushings are probably wiped as well. Ball joints, tie rod ends, idler and Pitman arm, and shock absorbers are questionable. Rubber bump-stops may be missing or damaged. Leaf spring eye bushings, and the rear axe U-bolts need examination. Common for the U-bolts to be rusted almost to nothing.
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Old bulbs become dim. Headlights may need to be aimed, especially important if the suspension ride-height isn't to spec. (Lifted, lowered, or just worn-out.) Don't get me started on Ford's Better Idea: Using shytty, bottom-feeder plastic for headlight lenses; and having a non-functional Government agency that allowed Ford--and the rest of the industry--to do it with ZERO oversight or forethought.
A 2WD truck will need the front wheel bearings repacked now 'n' then, and I bet it's WAY overdue. This would be part of a front brake job, IF (big IF) the shop doing it is competent. That's not guaranteed.
THEN examine everything rubber. Tires and suspension bushings will be taken care of in the "safety" inspection; but that still leaves body mounts, hoses, (coolant, fuel, and vacuum) wiper blades, and serpentine belt and perhaps it's tensioner. Do not replace OEM spring clamps in favor of the crappy hose-eating worm-gear clamps sold at huge profit at every parts store in America. While you have the cooling system open, verify the radiator is in usable condition along with the fan and clutch.
All fluids and filters get changed except maybe the A/C refrigerant and dryer, all "consumable" parts like spark plugs, plug wires, distributor cap 'n' rotor, PCV valve, etc. get examined and replaced as needed.
Check the accuracy of all the gauges--oil pressure, speedo, engine temp, voltmeter, etc. Now is a good time to have the battery, alternator/regulator, and starter tested; preferably "on-the-car" because testing them "off-the-car" at the local parts store depends too much on the pimply-faced kid running "The Machine" that does the testing--AND--"off the car" testing
doesn't include the wire harness connecting all those electrical parts together.
Verify that there are no "codes" stored, and assure that ALL the sensors and computer outputs are working properly. The O2 sensor becomes "lazy" with age, you almost certainly need a fresh one. Clean the throttle body, throttle plates, and IAC passage with aerosol carb spray. Dump a bottle of Chevron Techron Complete Fuel System Cleaner in the gas tank now, and at every oil change, and buy only "Top Tier" fuel to keep the injectors and valves happy.
No matter what you budget for all of this...you'll find more wrong that needs more money to take care of.
