I've been reading these reviews, and I recently purchased a 93' F150 with 216,000 miles on it for $500. I knew going into this that it would need at least another $1,500 of work. Basically a major tune up (oil change/filter, belts/hoses, new universal joints, antifreeze). Some more of the items replaced were just precautionary to bring this truck a step up from where it was. I bought this from a guy who lives in California and drove it across the country several times. He also had a daily route to work of 100 miles back and forth. Since there's little humidity in California you wouldn't be able to tell from under the truck that it had so many miles. Virtually no rust.
if you're going to buy an older truck with a lot of miles you have to know the right people to be able to afford bringing it to where you want to have it for a while