Hi Muellers69GMC...
First....

to the boards from NC!!!! by the way, the link above doesn't work....try this one
http://67-72chevytrucks.com/vboard/s...d.php?t=343409
I say take a look through the build threads and get some ideas....There are a TONS of really good builds going on that are REALLY GREAT and will give you some ideas of which way to go!!!!....No one is going to tell you how to rebuild your truck....ultimately, it's your truck...do it how you want it!!!...we all will give opinions, but you know what they say about that!!!...Projects IMO are NEVER finished....there's always something to do/ tweak/ change etc....especially when you look through a build and see something you like.....do your homework, put your ideas on paper (or in your head) and move forward....BUT keep us updated with PICTURES!!!....we love pics around here....
Okay, now for my opinion....I say take the pan off the tranny, and check to see if you have any metal filings...if so....rebuild it....
and for a budget....do what you can, if you are handy, buy used parts over in the parts section, clean'em up and install....most of all use this board for all your questions.....no question is a dumb question!!!....
Good luck and keep us posted!!!