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Just bought a 91 F150 Lariat XLT 2WD, with 6 cylinder, 5 speed Mazda manual and a 3.08 open differential. Bought it for $500. Needed a transmission. Lot's of dings and scratches. Big dent in the passenger door. BUT, no rust holes! and only a little surface rust. It also came with 8 garbage pails or trash from the bed - no extra charge!
We bought a cheap transmission, changed a bunch of gaskets, did a tune up, and I'm driving it daily for the past 6 weeks or so.
Also pounded the dent out with some wood. Came out a little wrinkly but good enough. Recovered the seat and made some replacement arm rests out of wood, which somewhat matches the fake burl around the dashboard.