What should I look for? And what should I pay?

You are arguing a point of salvage value not being 50% or 60% but yet you are buying a truck for a price that is reduced in value close to that % that has a salvage title.

 

If you plan to drive it into the ground, salvage is fine.
As long is it runs good.
I just bot the same truck. All the specs are the same. Same miles.
Very clean California. No rust of any kind. $8,600.

 

It's really not that bad of a deal, esp from a dealer, I personally wouldn't buy it cause of the title issue, but around here there's plenty of high school kids that would hook fight in the school court yard for that truck if you put it on cl, people go nuts for first gens and they go apeshit over the early pickups, just go to charleston and Columbia sc Craigslist and type in Toyota pickup, it's funny really, I've made money doin it, buy a truck drive the shit out of it and then sell it for a profit, that's what I love about Toyotas, but whatever it's his money so let him spend it, rock on op

 

Salvage title = no bueno...unless as egeb posted, you plan to run it till it dies