Want to fix up my 1985 D150 for my Daughter!

For some reason she wants an old truck over a brand new Hyundai, Kia, or somesuch shitbox.
I have until December, with limited funds.
Engine will be a 1968 318 with mid 80's heads, hardened exhaust seats, smog holes already tapped and plugged.
904 replacing the 998, have stock 85 convertor and an unknown stall convertor that came with the 904. Need to check the numbers on it.
Pistons are .040 in the hole with Mr. Gasket 1121a .028 gaskets.
268 Purple Shaft cam.
I have an Edelbrock 650 and a non- RPM Performer intake.

I would like to lower the truck,so I need more info on van LCA's and axle-flipping it.
I would like suggestions on headers and exhaust, as well as basic tips on how to tackle this without making mistakes or wasting cash.
Thanks y'all!