The price is about right for a truck in real good shape. Not so sure about the price considering the oil it burns. When I was commuting in mine, it was burning a decent amount of oil. Maybe not that much, but it was noticeable.
Here's the thing: there are several ways it could be burning that oil. If its just worn valve guides and piston rings, that motor could literally run for 100,000 miles or more like that. On the other hand, it could have a bad headgasket or something, and be a timebomb.
Most of the time, its just burning oil because it's old and tired, which is fine. You just have to be sure to check the cooling system and make sure it isn't oily and isn't using a lot of coolant, because a head gasket problem is not out of the question.