I think it might be time for retirement. Some dudes can cruise around all day in a rusty car, but I'm not like that and it sounds like you're not either. The mechanical stuff is just going to get worse, as is the rust. Body work is expensive when done right and probably not worth it for that truck. I'd sell it through kijiji and for $12K you'll be able to find something nice in a better state of repair.
One other factor is mileage. How many kms are on the truck? If you're over 150K I'd be concerned and if you're around 200K kick it to the curb without hesitation.
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