Thanks to everybody. Right now, I'm gonna pass on it, but I'm gonna keep my eye on it and mull it over.
The oil had no grit whatsoever. It smelled like oil and showed no signs of coolant. It didn't hiss when I put the dipstick on the hot coolant cap either. The underside of the oil cap was clean as well.
There is some blowby, but it's a steady puff; not just one cylinder. I got some videos of the dipstick and oil fill neck. I'll post 'em if I decide to take the next step and want them evaluated. It didn't seem like much to me, though.
There's a slow oil leak that looks like it's coming from the oil cooler or oil cooler lines. There's a coating of oil under the engine all the way back to the front differential.
The rust underneath seems like it's all surface stuff. There's definitely rust on the bottom driver's side rear door, and the rear bumper is rusted through just left of the license plate.
It pulls to the left when braking hard, and it shimmies when braking as well. Pulls a very little to the right when driving.
Started right up first try and runs strong. Get's up and goes when I ask it to. At 60 MPH it was at 1600 RPM, so I'm guessing it's got 3.42's in it. 4x4 was easy to engage and disengage, and it definitely worked. It'll need at least 2 tires within a year.
Like I said, as of now, I'm going to let it sit. I don't have money to burn, and there's just enough wrong with it that I can see a money pit. I appreciate everybody's input, and I'll let you know as my search progresses. You guys rock.