This was in response to a younger guy that was new to rebuilding old Fords.
I did my first truck on a budget too. I was in school at the time also.

Here’s what I’d do:
The frame off idea is a good way to go. I would strip the truck and rebuild it, unless it’s really clean underneath. Figure out to the T what kind of truck you want. Plan it out and write it down. List out the parts you’ll need and what they cost. Money is the biggest determination on the kind of truck you can have. If you had endless amounts of cash, you could build a show truck that could win at the Super Nationals. Most of us don’t though. Work within your budget. Draw a picture if you can. The better you plan, the less time you’ll spend redoing things or buying new parts to replace the parts you don’t like. A lot of choices will determine other things. EX: If you decided to go with an IFS, you’d know you’re going to replace the steering column also. If you’re staying stock with the front axle, do you want to lower it any? Power steering?

It sounds like you’re building a similar truck to what I did – mostly stock with a few added changes. I had a 302 and a donated 3 speed from my uncle in it. Definitely update the brakes to discs up front and a dual master cylinder. We have the power booster dual master cylinder kits that go under the floor. You can use your stock pedal. We also have the brackets to mount a master cyl. with no power brake booster. This is cheaper and works just as well. I think it’s under $100 for the bracket and linkage.

Updating the rear end to a nine inch is a good idea. You get newer brake parts plus gears are easy to get and all parts are easy to find for them. I put a 1967 F100 9 inch in mine – fit right in – no fab, cutting etc.

Most of my issues centered around the parts. Buying as much as I could to keep the project going and still have money to live on. I hated it when I had to wait to buy parts because I had no money until next pay. It’s frustrating in itself.

A lot of guys have told me that buying a new bed kit is better than keeping their old one that ’s all beat up. They can be fixed, it’s just that some are pretty dinged up. By the time you replace some of the parts and straighten the bed sides, you have a ton of time in body work and money. You could buy a bed kit, do a little prep work and paint it. That saves time and sometimes money. Sounds like you’ll be doing most of the work though. Our bed kit is $1,250 plus shipping and $65 crate charge. If you have to buy a  new bed wood, strips, tailgate and front panel for example, you can almost buy the new complete bed kit.

Power steering is a good add on. If your steering box is loose, you can adjust them a little. If it’s wore out, I would consider the Toyota power steering kit. You can modify your stock column to hook up to the Toyota steering box. It’s about $650 for the kit, but a new rebuilt box is around that much. Plus you get power steering. I never minded the standard steering except in parking lots and such.  Parking at shows was a pain sometimes. Out on the road it’s fine for the most part.

As for order to build the truck – This is a general guide:

You’ll need the cab first as far as body work. Everything plays off of the cab. If you are blasting the cab and doing a lot of body work, do that before you redo the frame. Leave the cab on the frame when you are prepping the body so everything can be put right back later. Doors will be gapped right, hood gap will be good etc.

1 – Get the chassis stripped, cleaned up, painted and built back as a roller. If you are putting a new motor in, mock that up before you take the cab off. You generally want the motor back to the cab as far as you can without ever touching the firewall. Get the front end rebuilt as well as the rear suspension and rear end. Plumb the brakes now. It’s easier before the cab goes on.

2 – The cab generally goes on first. I put doors on later because you’ll end up opening them a ton if you are replacing wiring and other inside parts.

3 – Mount the engine back on the frame.

4 – Put the front sheet metal back on. Hood last – after a lot of under hood work is done (wiring, etc)

5 – Wiring is a big job. Take it one system at a time. You should mark your old wiring harness when you take it out. It can help later as a guide if you’re replacing it with new wiring.

6 – Bed was last for me

Break the project up in smaller sections and it will go smoothly.

I even painted things in sets. Cab and doors + other small pieces I needed. Then I had the front body parts done. Last was the bed.

Hope that helps on your rebuild.