The first thing I plan to do once I start on this project is to to tear down and access the motor. If it can be saved then the originality of this truck can be preserved, I will likely get it mechanically operating as a republic truck, looking much as it does now, and enjoy it for a bit. If the motor is a boat anchor, like I expect from having water seep into it for forty plus years, I will likely find some cheap power-plant, Buick straight 8 or something similar, and make it a speedster.
As for the wheels, I have plenty of time on my side while I finish other projects to locate some good wood wheels or some metal ones. I doubt I will keep the tires as solid, but it all depends on what comes available on the cheap in the next few years before I start to work on this project.