Me? I would rebuild it. I have a '91, and these are the last years before they started putting all the electronic junk on them. If the rest of the truck is in good shape, why not? My current one is at 230k, and I still have not touched the motor or transmission. Yes, I know that it will need it here in the next few years, and yes I am planning on doing the work to it. Also, getting a newer one you don't know what may be wrong with it and need fixing just after you drive it away. At least with the one you have, you do know where it is.
The roads up here are harsh, and the older vehicles hold up better in the long term.
-Bidah