Miles on a vehicle are like hours on a tractor....great for determining when to perform maintenance but don't have much to do with determining condition.
Since it's been sitting so long that truck will need tires, brakes, battery, fluids and filters, hoses and belts, carb rebuild, fuel pump, tune up, etc...which are all inexpensive items.
I wouldn't be worried about 136K mile on a 223 six cylinder. I opened up a 215 (earlier version of the 223) with many more miles than that just out of curiosity. The crank was like new, the bearings in excellent condition. There was very little cylinder wear.
The OP could buy the truck and have a reliable daily driver for $1800 + or - if he can do the mechanical work himself, then chip away at fixing the rust one spot at a time.
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Today's Featured Article - History of the Cockshutt Tractor - by Danny Bowes (Dsl). The son of a very successful Toronto and Brantford, Ontario merchant, and himself quite an entreprenuer, James G. Cockshutt opened a business called the Brantford Plow Works in 1877. In 1882, the business was incorporated to become the Cockshutt Plow Company. Along with quality built equipment, expedious demand and expansion made Cockshutt Plow Works the leader in the tillage tools sector of the farm equipment industry by the 1920's.
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