93 Silverado 1500 v6 StepSide .. Stopping Rust?.. Potential Project Truck?

I've got a thing for the 90s Stepsides. I just want to have on the side to work on.. does not need to be a show car.
I found this guy who's selling his 93 v6 stepside. It's got some rust
on the hood and roof.. questions about that. It runs and drives damn good for a 93. Only problem I see is that it pulls right when I brake. He says he does not know why.
Clearly it's going to need some body work, paint, tires, an alignment.. possibly brake work.
Here's the deal, he won't go lower than $1500.. good deal?
This will sound crazy, but I'm planning to paint it myself in a black Satin.. again I don't care if it don't come out professional .. I just want this truck in black satin and don't want to pay $1000 for a paint job.
A bit concerned about that Rust - how would you handle this? The rust appears to be peaking through a DIY attempt to fix from months ago. Also, the driver side door bites the fender as I open it.
Crazy idea to go from white to black without a pro paint job?
What could that pulling on brake be? and how much might it cost?
I ran the car hard for 15 minutes and it sat running for another 15.. no leaks, smoke or sounds.. it seemed very strong. The owner has not been able to close the deal with me, because it's his daily driver and he drives about 30 miles a day in it... which I think is very good news.
Just in case, If I buy the truck, I think I can easily resell for a profit just by polishing the rims, cleaning up the rust and giving it a good wash... To be on the safe side I think I might invest in the DIY Paint before I get into tires and alignment. I think I can paint it for under $200, but 2-3 weeks of teadious work. I just think Black has more appeal.. and Satin black looks so much better.
Finally, it's a V6 and not a V8. Does that significantly reduce it's value or interest as a project truck. Worth it to put a Flowmaster 40 on it?.. it's a 4.6L and sounds pretty rich for a V6. Also, power from the engine was actually better than a V8 I drove.
image of truck.
Thanks for any help or information!

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