1986 chevy s10 tahoe, automatic 208,000 miles

Bought it cheap for 600. Engine sounds good, trans shifts decently smooth. May need to replace torque converter at some point but runs good.

4wd high works, but not 4wd low. When I put it into low, I hear a bunch of weird loud noise coming from somewhere. Its very high pitched and sounds like a bunch of metal parts scraping together.

At first i thought it was the transmission just got <profanity removed>, but hasnt driven any different, still shifts smooth. And trans fluid level I make sure to top off, till I fix trans gasket.

I really like this truck, and seeing if its worth putting 1k into, to fix all thats wrong with it. Leaky gas tank, exhaust needs redone, rear main seal leak, trans leak, door needs fixing to close etc. My friend is a mechanic, so I get the friend price.

I was thinking that if I test the compression, and it is good. And the transmission shifts decent, no slips, Just initial hard shift when going from park to drive, or drive to reverse etc. Assuming torque converter could use a change. 

Then should be worth it ya?

No rust on frame, and suspension is pretty solid.