I got my '75 GMC K25 with 350/TH350/NP203 in 2002, and my oldest son started driving it in 2003 (age 16). The original engine held up for about 18 months, but then threw a rod and my younger son (age 15) helped me install a new GM crate engine. They both drove it through high school, and then I got it back. I'm still using it to haul fill dirt for the yard, lumber to build a deck, etc.
If you want to save a little money in restoration its best to look for a vehicle with a very common set of options. GM has been making some of these components for many years, so in most cases the parts are not that expensive or hard to find. For example:
- Automatic transmissions - TH350 is one of the most common automatics, its strong, and its cheap to rebuild. The 700R4 can be a good transmission, but some years were unreliable, so you have to be careful. The TH400 is the strongest auto, but you don't need that extra strength unless you really work the truck hard.
The standard transmissions in these trucks are good, but are relatively uncommon compared to automatics. I would never hesitate to buy a standard, but would not specifically go looking for one.
- 305/350/400 SBC - many trucks had 305's or 400's, but all the crate engines are 350 or 383 (stroked 350). You can even use a newer Vortec 350 by adding the right intake and flywheel, although they don't usually support a mechanical fuel pump.
- Transfer case - NP205 is the strongest, but not very common except in 1 ton trucks. NP203 full time case is also strong, but many believe the full time cuts into fuel mileage. Part-time converted NP203's may be unreliable if they were not maintained properly after the conversion. The NP208 is probably the most common part time case, and its strong enough to get the job done.
I would try to find an unmolested/original vehicle that does not have a lot of rust, and pay the right price based on the condition of the drivetrain. For example, if you got a rust free , complete body at a good price, adding/fixing a 350/TH350/NP208 drivetrain would be a relatively straightforward job, and it would not be terribly expensive. However, if you buy a rusted out wreck of a body you will start out with $3000-$4000 of body panels and body work before you even think about drivetrain. Most drivetrain work makes a good do-it-yourself project for you and your son, but auto body work usually means hiring someone who has the tools and a paint booth.
Bruce