Just bought this truck. My question A. is there a cost effective way to "inspect" the timing belt? What can I look for?

Question B. same but apply to head gasket.

Previous history on the truck is not available. Seems to run fine for it's age. Thanks Yol!

There is no cost-effective way of inspecting either one. The only way to check the timing belt is to gain access to it. Once you're there, you might as well replace it. Since you don't know what's going on with it, replace it when it's convenient, as soon as possible.

Forget the head gasket. If it ain't broke, don't think about it.

Exactly, that is perfect information. You don't want to "wait and see" when it comes to your timing chain/belt, while your doing that you should replace the cam and crank seal as well.

On a scale of 1 - 10, 10 being most difficult, how hard is it to replace for someone with average mechanical knowledge and no fear? Thanks.

about 5