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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.
Welcome Deuce. You've come to the right place. Good information already given. I would say start simple. Charge both the batteries slowly overnight, then have them load tested.
Be careful charging and jumping the truck off, sparks and blue smoke are no fun. If your unsure or don't feel...
As mentioned it will prevent the cascade failure of glow plugs. This had happened to mine when I purchased it.
http://www.steelsoldiers.com/showthread.php?80047-Smoke-after-glowplug-swap