True Cheap Truck Project

Hello, so ill start off with what I have. I bought an 87 bronco 2 for $500. Its got a lot of miles and a lot of rust, paints peeling and both front seats are being help up with a 2x4. The good part is it runs strong and fires up every time(after a new starter, battery, solenoid and cables) it's a five speed with the manual transfer case that was just replaced along with the locking hubs. I bought it so I could beat it up instead of my truck that I've put so much money into. I already threw the stock 31's from my sport trac onto it and their a set of decent all terrains so I'm set on tires for the moment. I'll keep updating as I go and add some pictures when i make any significant changes or add any significant dents. Any suggestions on cheap upgrades would be appreciated. Goal is to have a decently capable truck for under $1500. Don't really care If its ugly just want it to crawl.
Ive also got a set of 33x12.50R15 Mickey Thompson baja claws laying around but I figured they would probably be too heavy for the 2.9L, can anyone confirm this?
Thanks, Jack.

I'm pretty sure you're looking at regearing in order to turn those 33s. I'm surprised that the stock gears will turn the 31s ok to be honest. I'm sure that you'll have fun finding out, though! You could always drop a 4.0 in it to give it some more "pep".