Having daily driven a "nice" 78 bronco for a couple of years in college, i would say stick with something new.
Things that went wrong:
Locking hub blew off the driver's side some how
brake pad failed, cutting a sweet 1" wide gap into the rotor
bearings went bad - took out hub too, later same thing and took out the spindle
electric choke wire used to fall off causing the choke to kick up the idle and the truck would overpower the brakes when stopping, you could put it in neutral and solve the problem, but it was a surpise if you werent ready for it
master cylinder developed some sort of freak leak and brakes quit working while doug was driving
U joints twice
carb never worked right and used to backfire through the carb all the time
leaks around weather stripping
headlight bulbs both went out randomly at the same time, spent two days chasing wires until i figured that one out
a/c went out a couple of months after i got it, never fixed it
oh yeah and i dumped 7 grand into it and sold it for pennies on the dollar
Did i learn alot, sure, was it fun, at times, would i have rather taken the 5 grand i bought the thing for and put it as a down pymt on a truck from the then current decade, hell yeah.
