This is late in the post but I wanted to share my jeep experience.
I bought a basket case jeep in similar condition to what you started with when my daughter was just born, the deal was I would sell my motorcycles when she was born so I put the money into this jeep.
A few years later, you can see my daughter in the drivable jeep. This one is a 1952 M38 Willys Jeep. The pics show the engine/tranny/trans in all their rebuilt glory. I rebuilt the axels, engine, tranny, transfercase, steering box, full brake system, distributer, oilpump, carb, fuel lines etc all myself. These are really easy to work on and reliable if you know how to work on 40's technology. I have never broken down etc and put about 1000 miles a year on it. My kids drive this in low/low around the woods but I will probably never let them drive it on road, they really do filp too easily. Every part is availiable overnight, every day the parts are easier to come by because most are back in production on or offshore. I have about $2K into it for parts for all the rebulding etc... I am sure I could get 6-8K in today's market for it.
My daughter was small but she could start the bolts and hold / turn things for me so it was a good experience spending time with her. Now I am 'refreshing' a 1985 6.2L detroit diesel engine so she is helping a bit on that as well. She can't seem to torque the headbolts buts that's ok.
So.. have fun. Consider putting all the old parts on Ebay, most will sell to guys looking for missing original parts.
The combination of large tires, narrow wheelbase,hieght and light wieght make them fantastic offroad in stock condition. Add more weight and they become dogs. It is fun to park next to a CJ7/YJ Wrangler / Current Jeeps to see how much they have changed from utility trucks to chick cars.
Military truck manuals are in the public domaign and do not carry a copywrite. These can be downloaded for free on sites like,
Steel Soldiers :: Military Vehicles Supersite. My jeep had 3 manuals that covered how to rebuild every single part in it.