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Yeah, GM started using the R & V designations in 87. Presumably to differentiate between the 2 body styles available from 88-91. I have never seen any 87+ 1/2 ton label other than V10. In fact, my 91 Blazer is titled as a V10.
Eh, I wouldn't worry too much. It's just silly GM semantics...
Technically, there is no K5. It's a K10. It IS a 1/2 ton truck, not a 1/4 ton or 3/8 ton.
HALF
The "5" was just marketing to differentiate it from the rest of the fleet, although it should've been unnecessary. It's not like Blazer were offered with 3/4 suspension or anything.
I've still yet to get a definitive answer on my biggest question: Is a 2WD Blazer a C5? I'm betting it's titled as a C10. But what does the emblem on the fender say???