Now would be the time to replace that filler neck tube too,maybe the gas tank too,seeing its all pitted and will likely weep gas or let fumes escape after the body work is done and you start driving it..its a sucky job doing it later with the body work all done..
The cutout for removing the sending unit is a idea worth considering too--why they didn't put one factory I dont know,but it was stupid for them not too..
It's much easier to replace an electric fuel pump from inside the truck,rather than have to drop the gas tank outside on a rainy day..
Unfortunately nearly every K5 and GM truck up here looks like that or worse,even newer ones under 10 years old already are having frames rot badly--some trucks the body rots away, but the frame stays solid ,even with factory paint or undercoating still intact--others are just the opposite,the body aint so bad--but the frame rotted in half ,the metal peels apart like delaminating plywood ..more of that type of rot seems more common around here,the frame fails first..
Just about every 2000 and up GM truck has the rear shock cross-members crumbling away at the least..
You can use "Uni-Strut" U-channels to make good bed cross members and stiffener supports for the bed mounts..you can get it from Lowe's,Home Depot,or places that sell electrical supplies..
Barn door track is also a good substitute for those bed cross members,places like Tractor Supply sell it..heavy gauge and galvanized,like Unistrut..it'll outlast the truck,maybe the owner too..
I have cobbed quite a few GM trucks back together in the past,I dont consider myself any good at body work,I just welded,brazed,bolted,pop riveted or drive screwed "new" metal over the rotted sections I had to chop out and wasn't that concerned with good looks,I just wanted it solid again,safer,and not get a shower every time I drove thru a puddle..
I used whatever I could get free or cheap--galvanized furnace ducts ,file cabinets,old fridges and freezers,washing machines,I even found a stainless steel freezer at the dump ,I cannibalized to use the metal to patch up one of my Blazers..
I have used a section of the roll of galvanized metal from a swimming pool to patch over a whole K5 floor in the past too,in one big piece..used cardboard boxes to make a template of the floor and traced it out,cut it..it stiffened the truck up remarkably..
I did splerge and buy replacement rockers and cab corners rather than fix them on a few trucks,others that did not have that much rot there just got patched over,and skim coated with Mar-Glass filler,and undercoated..
I had just as much joy driving and camping in my patched up trucks as I would have in a new one,and I wasn't afraid to scratch them or carry stuff either..form over function was and is fine with me..
That does not mean I wouldn't like to have a "pretty" restored truck though..I just don't think its worth all the time and effort restoring something to perfection your going to scratch,beat up and use ,(or even get hit by someone while driving or in a parking lot)--when it takes only a few seconds to destroy all that hard work..