Oh yeah, that one is going to be fun......
As I have said before, Brakes and Steering. Once it steers and stops, I'll worry about looks and power.
Don't neglect other stuff just for those, but don't consider driving it until those are handled.
Consider carefully your main use of it. Strictly offroad in bad places, means different priorities than a daily driver.
Look at some of the builds around here. Off road, a body is not strictly necessary....
The main thing is to balance cost against trouble and time.
Odds are the brake lines are rusty. You could buy a good flaring tool, and lots of tubing and replumb the whole truck your self.
But the companies that sell complete tubing sets with all the fittings and bends already done that fit perfectly are a much better way to go.
Plus you can get the tubes in stock plated steel, or stainless.
U-joints, things like that, should be a do it yourself item if you are able. Not only is that cheaper, but you keep up with what is going on under your truck better that way.
Usually the order is: Safety, Power, Looks.
But, if the engine falls out when you put it in due to the frame rust, then that might be a slightly higher priority.........
Also, I would not tend to put much stock in the quality of the "rebuilt" engine you got with the truck, unless you know the people who rebuilt it......
Also, being I am a Ford guy, I don't know for sure. Pretty much everybody here will, but will a 327 fit where your old one was?
What did it have originally?
I know in Fords, different engine families have to have adapters or transmission mods to interchange