
I had a 1975 2wd K5 years ago...bought it for $150 ,it had a 250 six and a three speed Tremec transmission factory..was pretty rotted on the floors and rear wheel arches,rockers,but I replaced them all..
I think it was priced so low because it wasn't a 4x4,not so much because it had rot--it wasn't extensive,just had holes in the places mentioned,and some dork patched the floor with aluminum roof flashing,which only made it worse due to electrolosis..
The clutch was just about done when I bought it too--I made a scary 70 mile trip to my parents house one frigid night in it when it was only 5 degrees out,I smelled it burning all the way,and I had to crawl up some steep inclines in first gear on the interstate in the breakdown lane to get it home,where I could fix the clutch..
One rear spring had a broken main leaf too,I just clamped a thick hunk of steel across it to get it home..
Mine did have the 5 on 5 bolt pattern just like a 2wd pickup or van..
I recall I put '76 Lincoln Continental steel rims on it ,they were the same bolt pattern..center hole was about .010 too small,but they went on ,getting them off later was a chore and a half!..
Back then a 2wd Blazer was not a hot item--in fact,most got scrapped because they weren't a 4x4,up here most folks want 4wd and the 2wd versions just didn't sell as well..
I liked the truck a lot though--it was a great summer cruiser,it rode a lot better than a 4x4 and got better mpg,and I liked it being a manual transmission,after having issues with automatics in the 4x4 Blazers I had around the same time..
I put a Saginaw 4 speed from a '74 Vega in it that a friend gave me,and that made the truck even better--it had a fairly low first gear and would launch off the line very quickly..
After 2-3 years,the 250 six stripped the fiber cam gear,and rather than fix it,I put a 307 I had in it ,from a '71 K10 Suburban I parted out..
That made it much more enjoyable,it had a lot more guts and better acceleration..the six was a one barrel early integral head design,and it was always surging at cruising speeds,I tried fooling with the APT screw in the carb and deleted the EGR and it ran much better,but never felt 100% right..
I had photos of it,but they are on a hard drive in a now dead computer--I posted them here a few times,maybe I can dig thru my old posts and find it..
After seeing what these 2wd Blazers are selling for now,I wish I still had mine.
I sold it for $450 after owning it about 5 years..

..but I had two other first generation K5's and a few other Chevy 4x4 trucks,I had to thin the herd..It wasn't too great in snow,even with studded snow tires and weight in the back..
EDIT..found the photo of it..^