The oil is water-free, but coffee black. The inside is mouse-free, and completely disassembled at this point.
As for the "keep it classic or hot-rod it up a bit" debate I was having, I'm opting for the latter. I thought a 77 F150 "explorer" would be worth bringing back as it was, but with some consideration, I've decided a nice red and black motif will be more to my liking. Red on top and black from the trim down. Going to go with bigger back tires, smaller fronts, and lower it a bit as well. I'm putting in a custom sound system and LED lights, along with customizing the grille and headlights a bit. I have a few wires under the hood that aren't hooked up to anything, so I'll be posting a thread in the right section with pics to try and sort that out.
I'll keep tabs of the progress with pics n such.