Re: M37 should I do it?
M-37's are way cool, but don't pay too much. There are tons of them available if you look. Just about every city or county motor pool has one sitting unused in a corner somewhere that you may be able to pick up cheap. If your buddies is in good shape make him a reasonable offer, but don't pay through the nose. If you will have to sell your CJ, you will have to be sure the 37 is what you really want. Otherwise you will really be P.O.' ed at yourself later. Old iron, especially old military iron can be a real PITA to work on and find parts due to the lack of info/parts avail. Turning one into a reliable driver can be an experience. I own an M-715 so I have been through it. It has been, and continues to be, more effort to own than a more "normal" vehicle. I am willing to put forth the effort because I love the truck. I have even gone so far as to sell my Dodge and I drive my 715 daily. I put 450-500 miles on a week, and they ain't the most comfortable miles I've ever driven. To me it is worth it, you have to decide for yourself if you feel the same. BTW I don't wheel my 715, the idea of body damage doesn't sit well with me. If you are planning to wheel your 37 try looking around and find price/availability on replacement body parts like fenders and such first, so you know what you're in for if you mangle one.
I don't want to rain on your parade, just makin sure you check the weather. I love my "M" and wish you luck with yours should you decide to go for it.
72 CJ-5: 305 Chevy; SM420; D-300; 30/44 with 5.38's, Warn axles, and Detroits