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If you wanted a regular bed I would go after a 1008 - They are usually cheaper and easier to find. However if the price is right on what you have mentioned, go for it. Personally I would want to leave the 1031 original.
The trucks came with a TH400 transmission.
Inspect your Flex Plate by removing the trans cover and rotate the engine over with a pull handle or large ratchet. Use the Harmonic Balancer Bolt to roll it over. If the Plate is damaged replace. You can get them for $28 here: http://www.saturnsurplus.com/cucv/cucv.htm If its not damaged...
My plan for a runaway Diesel would be to discharge a fire extinguisher into the intake, smothering the engine. All my vehicles have one on board. I've never had to use them for this.