Okay, this may be long; but, I'll give you the low-down on early Broncos. I have a fairly badass one. It comes with a a price though. I wish I knew what I was getting into when I did it. Here goes.
I was looking for an e.b. for about 6 months. I have a good income and a good deal of disposeable cash. I knew I could buy a Bronco that was advertised in "Great condition" for $6000. I still decided to get a really good one that would run, drive, etc. and need no major work. I ended up getting one from a guy in Missouri for $11,000. It has a 351W, bright orange paint, 35" wheels......VERY nice. I had it shipped to CA where I live now.
Since buying it, I had:
*total re-done custome interior (recaro seats, leather dash, billet gauges,
some digital guages, locar shifter......I mean seriously nice stuff).
* installed A/C
* GIANT radiator (alum)
* New C4 Tranny (twice)
* New brakes
* New Wheel bearings
* New Cam
* New Water pump
* rebuilot transfer case
* rebuilt drive shaft
* new starter
* new exhaust
* complete new intake
Bottom line is I've got $30,000 in this thing and it still has problems (oh yea, e.b's usually have crap paint over rust....which will re-rust just after you buy it). The piont I'm making is that E.B.'s are really cool looking. However, don't fool yourself and think you're going to get a non-basket case for $6k or so. I don't think it happens. Plan on spending crazy money to update / rebuild EVERYTHING after you buy it. Otherwise, everything will break, constantly, when you don't suspect it.