First thing above all else, check the transmission fluid. If its brown but still has a bit of red, you should be ok to do a filter and fluid change. Some guys recommend shift kits, i'm not sure on that one, but Dapepper will be. Just be sure to do a fluid and filter change, it would also be a good idea to put a tranny cooler on it.
Second, Plenum, check the stickied thread at the top of the engine section. Basically its the bottom pan of the intake, stock its known to go bad every single time. Hughes makes a repair kit that comes with everything you need, new bolts, gaskets, etc. The other bit is the aluminium pan that Hughes provides with the kit. Its about $150 though. However, if you're really hurting, you should be just fine getting a proper Fel-pro plenum and intake gasket set. Then you'll want to at least get new intake mounting bolts as you're likely to snap at least one on the front (that seems to be the common place). If you want you can get new plenum pan bolts too, but the thicker gasket should be all thats needed. You should be able to fix the plenum with as little as $30.
The only other major things to note, is the steering, if it feels loose, then it probably it, its a common problem termed the death wobble, it isnt a super hard fix, just search the term and you should find some brackets that shore it up, or you can make your own.
Aside from that, everything else is just a maintenance deal. Except headlights, you're fine replacing them with standard HIDs (halogen high beam) but dual Hi-Lo HIDs and LEDs will need a load resistor for the high beams in order to not cause issues.
Also, while i'm thinking of it, the headlight switch is known to go bad, 90% of the time if your lights are acting strange, its that switch.
It might seem like a lot, but its really not, for most of these once you fix it, its fixed for good. They are great trucks, better than any Chevy i've owned, and my Ford loving buddy is always secretly jealous. I've put more than 3 times my trucks worth into it now, just because I love it so much.