1984 Jimmy, keep or sell?

My friend has a 1984 GMC Jimmy with quite a few problems and he's wondering if he should keep it or sell it. It's a 2.8 5-speed, with not working 4x4.
Here's the list of problems: (canadian prices)
Needs new:
power steering belt -$16,
Valve covers -$12,
reverse lights -$cheap,
front and rear brakes -$81,
4 tires -$250 ish,
rear diff seal -$21,
4 ball joints -$200 each :eek: ,
idler arm -$98,
right front CV joint boot -$16,
Rear window -$150

Problems:
Radiator leaks,
Left rear shock ripped it's mount off the frame,
Four wheel drive doesn't work,
Engine loosing oil,
Body has really bad rust/rusted through between the rear of the doors and the start of the rear wheel wells, surface rust in many other places. The paint is spray paint that's peeling.
Is there a way to fix the rusted through areas behind the doors?
He got the truck for $700 bucks and is wondering if it's worth putting all this time and money into it or just sell it.
Thanks,
Eric

In my own personal opinion I would say get rid of it, as I myself don't believe in putting so much money in a vehicle that is in the 80's. However it is obviously your friends ultimate decision as what to do with it. The other option is to drive it til it falls apart and just dont put much money in to it.

Is it his only ride? Does he get to work and home in it? Do the wheels go round and round, if so keep it until it quits or until he can get something better.
If he can get something better now, do it. Then pass the truck on to someone who needs it.
See ya
94

Thanks,
He's decided to sell it and buy something else. I told him this time he should inspect it before buying instead of after. :banghead:
Eric