Spent the last two days going over everything with a fine-toothed comb (electronics, mechanicals, body, interior, etc.) including a trip the dealer for a load balance test and some pretty extensive research on the web about potential 5.4 vibration issues. The load balance test came back almost absurdly normal, no drop-outs or other issues and all cylinders within a few percent. Darn near a textbook example of what a perfect test result should be.
Aside from the original suspension issue (corrected by the dealer I bought it from) and the paint, everything is in excellent shape. The engine and tranny are mechanically fine and have no leaks. The electronics are factory and show no signs of rips, tears, burns, overloads, abuse, or potential problem points. The body is straight and all the parts fit and function properly. The frame measures perfectly straight.
The vibration thing, well... From what I can find on the web some 5.4s "just vibrate a little", and it's usually at that 1800-2000 RPM point where I can feel it. In very, very few instances has it eventually manifested itself to be anything other than a minor annoyance. In those cases there was usually accompanying symtoms of an underlying problem, none of which I seem to have. I am extremely sensitive to mechanical quirks in a vehicle so I'm about ready to chalk it all up to being hyper-critical.
As for the paint, I did get an excellent price on the truck based on what KBB and Edmunds say it should have sold for. Enough to comfortably offset the top/hood repaint and have beer money left over.
All that to say I've made up my mind to keep it. I love the way the truck looks, rides, drives, and performs. Aside from being a little (actually a LOT) thirsty, I'm thoroughly satisfied with being a truck owner again. From all appearances, and from what my fairly extensive bumper-to-bumper evaluation has determined, the truck will probably be as reliable as any of it's age and mileage. The only remaining hicky is the paint, the cost of which was offset by the savings in purchase price. That considered, it would be silly to trade into another unknown just to salve my personal animosity towards a vehicle that I like and that is, by all objective criteria, fine.
Brad