I have a '85 Grand Wagoneer that I've owned for a couple of years. The problem areas are:
The oil pumps are a known wear out item and are housed in the aluminum timing cover. Wear results in low oil pressure and the fix usually requires both to be replaced. Mine went from 15 psi to 60 psi at highway speeds after replacement. Cost of parts is around $450. Probably a one day job if no bolts break off. The carbs are Motorcraft and work ok at highway and offroad. The need to be rebuilt every couple of years and usually require adjustment in the spring and fall to run correctly. Good fix is a Holly Avenger carb at about $400 plus a new intake at $200. A better fix is fuel injection at $2,000. The engines tend to overheat due to a marginal cooling system. Best fix is a Flowkooler water pump at around $200 and a four core aluminum radiator at $400. Expect the bolts to be frozen in the block and require much time and assorted breakage to get them out. The clunk is likely a u-joint. These things have several of them in the drivetrain and require frequent greasing. Some in the front are almost impossible to get to and tend to get skipped. The sending unit in the fuel tank tends to go out and leave the gauge reading at full so you don't know how much gas you have. This is not a real problem as you need to stop at every third gas station anyway. I get about 8 mpg with mine which has the 360 V-8, the six bangers get a little better mileage. The rear springs tend to sag on the drivers side where the gas tank is. Stock complete replacement springs are around $400 and ones with a four inch lift around $600, plus shipping and those things are heavy. You will need a torch, Sawsall, BIG hammer and lots of time to get the bolts holding the springs out. They will have rusted in the metal lining of the bushing. The one holding the front of the rear spring on the drivers side goes through a hole in the frame to a nut clipped on the backside. This will break and require removal of the skid plate and gas tank to replace. This probably needs to be done anyway as the skid plate tends to trap mud and rust out so it will need replaced. If there is any rust on the frame you don't want it. The good points are the things will go anywhere offroad while hauling serveral adults and lots of gear. Alan Duff Knoxville, TN