I’ll disagree with everyone in here who says “it’s too old, throw it out.” That kind of thinking kills a lot of classic cars every year, and it’s needless. As long as the truck is not a daily driver, there’s nothing wrong with keeping it if for no other reason than to learn how to fix cars. Keep it and have fun with it. If it IS a daily driver, I would probably want to swap out the engine with something more modern, which is a can of worms that makes the exhaust issues look tame
The best advice I can give you right now that others haven’t already covered is to get your tool storage up to snuff. Nothing sucks more than knowing you have a 27mm axle nut but not being able to find it anywhere because you don’t have a good place to store tools. Disorganized tools add a lot of time and sometimes expense to repair work, which tends to turn you off of the idea that repair work can be, if not always fun, at least not miserable. Get 2 or 3 magnetic parts trays, and a large tray or cart that you can keep the tools you’re using at the moment on. And after every job is done, put everything away where it goes. You’ll thank yourself when the next job comes around.
If you don’t have many tools at all, the “mechanics tool sets” at Sears are actually a decent buy - depending on which one you get, for a couple hundred bucks you can get a set that will let you do most routine jobs. Harbor Freight, if you have one in your area, is also a great place to get cheap tools, but you have to be careful what you get from them. Some of their stuff sucks, while some is good and much cheaper than anyone else.
As for tool storage, if you’re fortunate enough to live in an area that has a Menards, the Masterforce rolling tool cabinets are a great bargain. They’re very well built, and you can get a huge tool box (42 inches wide by 5 feet tall) for less than a grand - a big bargain when you consider that similar boxes from brands like Snap-On and Matco can be thousands more used. If you don’t want to spend that much, then get storage bins and put pegboard on your wall - just do something that will let you find your tools when you need them.
Get a mapp gas torch and a can of PB blaster. They’ll be a huge help in getting rusted bolts off. Of course, be careful with the torch - don’t point it at anything that isn’t metal, and be careful about how long you point it at the metal.
Lastly, remember - safety first. Get a good floor jack, a set of chocks, and at least 4 quality jack stands (so that you can jack the whole thing up when, for instance, you’re replacing the exhaust system). Any time the car gets lifted, the tires still on the ground get chocked, and it gets supported with jack stands. No exceptions - that’s life or death stuff.