If your not in a hurry and you leave it with a sandblaster I think it would be fairly cheap, if he could blast it while he's doing a bigger job.
As far as equipment goes, I hope your planing on painting more than your truck because it can get expensive...you can purchase a paint gun cheap enough from Harbor Freight but a compressor is going to cost a lot of cash no matter how you look at it. Let me know if your still planning on purchasing a paint gun and other equipment and I will try and walk you through what you might need.
What type of paint where you planning on using? This can get quite expensive as well...if memory serves me correctly, Texaco's colors where Red, White and Green so just so you know, if you where thinking of using automotive paints, Red is costly.
But let me know and i'll help you wherever I can.