I admire your dedication and thriftiness.
I've thought the same thing. Restoration is now the more cost effective alternative.
Sarah has spent most of her time on simple restoration techniques: removing dirt and rust, replacing worn and broken parts, repainting, replating, powder coating, cleaning the interior.
Sarah has made a few simple changes. I believe she installed new Bilstein shocks and a beefed up sway bar, but she has not done the upgrades that are so popular here on the The Ranger Station. She has not installed a high flow air filter or rear disk brakes. She hasn't lifted or lowered, added custom seats, or put in a new electric fan. She did no engine work at all. She merely pulled it and repainted it. She did put in ceramic coated headers and a few other things. Even the paint job is just the OEM Calypso green.
She has mostly focussed on restoration, rather than expensive customizing or upgrading, faithfully returning the Ranger to new condition. This is all boring work, but the results are stunning. A full fledged restoration, especially a rust free body and frame, is what makes the project special, and well worth the while. I'm sure her grand mom's truck could be a real crowd pleaser at a car show.
If there is a lesson to be learned here, it might be, "Fix the rust first, make it new again. Add your favorite parts after you are done."