I'll just through some thoughts out.
- The emissions in the earlier years are more straight forward. Easier to fix.
- I'd expect the carb will need some work. Or put a Motorcraft in it. TFI upgrade is pretty much a must for improvements re. power, fuel usage and emissions.
- At one point early on, it was said that the very first front bearings were ball bearings, then they went to roller bearings. I hope I'm wrong on the ball bearings. If that's right, you may end up looking for front hubs that take the roller bearings.
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Do find the threads that describe what to look for that can be a problem, like the rotted trays by the front suspension, and rotter rockers. Both can be fixed (see some of the project cars), if you'd take something like that on.
- Careful/gentle with the rear hatch hinges until you know they're adjust properly.
- Gentle on the hood release inside. Common for the release mechanism up front holding the hood to be rusty or stiff, which should be cleaned up before you break the interior release handle.
- The colour is rather classic for these. Looks like it may buff up nicely. Then a clear coat?
- It's got the tube roof rack, with the rear air deflector!
- Different hood should go on easy enough. I'd expect the same for the grill. Some project cars of mixed and matched grills & lights from whatever they liked and made it fit.
- I had an '81 before my '86, and I loved the full-time only. That may be ready to fail now, so a different transfercase may be in your future. If you catch the leaking limited-slip fluid soon enough, you can clean the transfercase out and put new fluid in, so you can run full-time with an open centre-diff.
- My '81 had diff ratios that were more suited for rough road or towing. My '86 has ratios that are more suited for daily driver, but does fine towing too. If that's an issue, check the tag on the rear diff (easiest to see).
- Wouldn't be surprised if the rear main seal needs replacing. Same for shocks and steering stabilizer, sway bar bushings and links. And rear hatch lifts.
- Does the dash shot show cracks in the windshield?
- Do change all fluids before running it much. I hope you have a trailer to get it home with, so you can change fluids and lube everywhere (lower ball joints!!!) before you put any mileage on it.
- Trans filter & fluid too - DO NOT FLUSH IT - every auto trans I've known to get flushed has failed within its next year. A flush can loosen deposits up really well, but without a rebuild you never get all the debris out, so you turn your fluid into jewellers rouge and wear away it goes.
- With new oil formulations, the flat tappet cams really should have some additives to the oil, or there's some diesel oils that already have some of that in their formulations.
Again, do find those threads on what to look for regarding potential or typical issues.
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Others may see some other things that may matter to you.