If a vehicle isn't rusty, its a perfect candidate for a restoration. When you restore a vehicle, you are replacing most of the high mileage parts anyways. If you read through my build thread, I did a restoration (actually more of a resto-mod) on my truck, and my truck was considerably worse off than your truck, granted, you do have higher mileage. Unless I find a good deal on a northern 2 door XJ or MJ, my next XJ/MJ restoration would be a high mileage southern/western truck because it is a lot easier to replace wear parts than body panels.
That said, its your truck, and you want to wheel it, which is fine, I would wheel my blue truck too, I just haven't had an opportunity to yet, but my advice is don't cut the cab or bed at all.