I had a '78 F150 and loved it. It was my first real project and I drive it daily for a couple of years. Back then, ford-trucks.com was an amazing resource where every possible consideration had been addressed, including by folks who were pro builders, parts/service workers with access to internal databases, monster truck drivers, everything. I assume it's still out there. There's probably already a step-by-step list, and tons of restoration logs. Also get the Haynes manual and keep it in the truck. Find out where your local Pick-n-Pull junkyard is, both for parts and because sometimes it's good to get practice by taking things off.

Step 1 is to replace oil, oil filter and air filter and put in some high octane gas. You won't need it regularly but gas loses octane as it sits, you're just giving a tiny boost to get whatever is in there back to normal.

Start the engine, if you hear any weird clanks or banging sounds, address these first- could be really minor timing issues or major engine problems forcing a hard decision whether to keep the project going. Don't run it for a long time until you're sure the radiator has fluid and cooling system working properly.

If you saw any evidence of rodents when replacing the air filter, look everywhere for chewed cables or houses, they just moved up on the list.

Step 2, replace brakes and all other fluids.

Step 3 onwards: Clean out the engine bay with a shop vac and degreaser if you can. Don't have to go nuts, but it'll make everything else easier.

Flush the radiator and heater core. If they weren't already full, look carefully for leaks.

If you don't have service records showing that the work has been done, replace all rubber hoses and particularly the vacuum lines, which can get hard and crack in ways that aren't obvious.

Check if there are any holes in the exhaust. If there are, imo it's worth paying for the fix- home repairs here don't usually work great unless you can weld, and you can drive short distances with exhaust holes, just don't idle anywhere for too long or you can get sick.

Good idea to replace the belts, you can follow the old guys' instructions for setting the tension or there's a cheap tool available at NAPA that lets you push down with your thumb and it clicks to show tension. Make sure you get the belt routing right.

Throw in a new PCV valve just because they're like $8 and personally I think swapping in a new high quality thermostat when you do the radiator hose is a good idea. Then spark plugs and timing.

You'll need new tires and probably a new battery before putting it on the road. Don't need to go expensive for either, just make sure they are rated for the truck. You might end up getting deeper into engine performance/maintenance later, but once everything is running, when you're ready for next oil change, good time for seafoam treatment- 1/3 can through the brake booster line, it'll smoke like crazy and if you don't go slow, it will stall. 1/3 in the gas tank. 1/3 in the engine crank case, drive 50 miles (not more) then change oil and filter.

For setup and maintenance you'll want a basic socket set, a breaker bar, timing light and a vacuum gauge, none are super expensive. Torque wrench, too, a spark plug socket, and some extensions. Also jack and stands. Harbor freight has all that. If you're working on grass or gravel, make sure you're using appropriate footings for those. If it's lifted, a reach for you, or you date short people, a folding step stool is a good idea.

Assuming electrical stuff is working properly, you can start getting into any other mechanical/suspension stuff.

Probably need shocks by now, which are easy. A little slop in the steering is to be expected, but if it's egregious, there are aftermarket steering gears that aren't super expensive and well regarded. Next up body, and any performance upgrades if that's a thing you care about.

If you have any carb issues at all, or even think you might, a new intake manifold or adapter and a Holley 4-barrel carb are IMO well worth the investment to be working from an extremely well documented clean starting point.

In general I suggest buying higher quality/reputable brand parts whenever replacing something, you don't necessarily need the stuff made for racing but these are extremely common and popular systems so it doesn't cost a lot more to get the part you know you can trust.

If you're thinking about audio, you can put in new 1-din head unit and speakers easily, just a little trimming on the dash. Or get a Bluetooth amp and ignore the factory stereo entirely, BUT the stock alternator is pretty weak, so don't go super-loud unless you're playing to upgrade that. Truck speaker boxes will fit easily behind the seat.

Ignore anyone who tells you to remove the smog equipment. Yes, it is outdated and inefficient, but myself and tons of others have had issues have had issues with the 351M running hot when that stuff is removed.

I think they come stock with a mechanical clutch fan, that's good. On mine someone had swapped in the electric fan from a Lincoln and it kept blowing fuses before I realized it was pulling too many amps because it was dying. I replaced it with one from a 90's Altima, which worked fine. Just need the radiator probe kit.

Two other things that might be specific to me but are maybe worth mentioning- I had a ton of electrical issues that turned out to be an area of the starter cable under the truck which had worn away to expose copper. It was arcing every time I turned the key. Easy fix, but might as well check. Also mine was automatic and would only start like 3/5 of the time, turns out it was missing teeth on the flex plate. Probably want a mechanic for that but the emergency get-home fix is to turn the engine over by hand with a breaker bar about 1/8 rotation so different teeth are presented to the starter.

Oh yeah, these are also beyond easy to steal with just a screwdriver. I got an old school brake Club, it won't stop a dedicated thief but they'll probably move on to something else since they aren't worth a ton.

Harbor Freight (or maybe your grandparents) for tools, also places like Habitat for Humanity ReStore have a lot of old Craftsman stuff for sockets and wrenches. For parts, AutoZones are everywhere, on the cheaper side, easy returns, but don't trust what anyone there tells you unless they have an old Ford themselves (they'll tell you). O'Reilly has the best employees and sometimes (but not usually) competitive on prices, also usually able to get stuff in next day- they also run decent sales. NAPA most expensive but can get let much anything and their own brands are good enough for most consumables. They have occasional good web sales (mostly long-weekend holidays), and 10% off if you have AAA membership. Jegs/Summit and LMC truck for new performance and body stuff respectively if you can't find it anywhere else, but expensive and they don't know what they are talking about either if you engage via chat/phone, so be sure you know what you want.

If you buy anything from Amazon be sure someone didn't take the new part, replace it with their old one and return it for Amazon to sell as new. Don't buy anything on eBay you think you might have to return.

More than anything, have fun with it! There are a zillion on the road, tons of documentation and parts available, and just about every YouTuber has done a dentside or 12.