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Contemplating purchasing \'94 4x4 shortbed PU

I'm contemplating purchasing a '94 Dodge 1500 SLT Laramie shortbed pickup. Looks like it's had a hard life. Inhabited by drunken smoker. 141,000 miles, A/C condenser has been smashed, rear window and front windshield cracked. Front and rear bumpers both very bent. One concern is that it has 16" wheels, but one front wheel had a 16.5 inch tire. That cause problems with diff or xfer case? Tires need replacing, so I'm not concerned about the tires themselves, just the mechanical components that might've been fried.

I want it for towing and it has the 5.9 liter, which I like. Are there any particular concerns I should have? Expensive parts that commonly break that I need to inspect carefully? I couldn't drive it, so I don't know what shape the suspension/steering are in. Starts and runs OK, but exhaust is gone, so it's loud. Any suggestions for a good exhaust?

Can I get 50-60k more miles out of this engine?

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