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I appreciate your input

I've been going back and forth about it but I think I'm going to do it. There's $200-$300 worth of stuff I'd want to address right away, then some other stuff I'd address slowly over time.
First off, I'd change every fluid. Oil, transmission, front/rear differential, transfer case, brake fluid, coolant and power steering fluid.
Biggest issue is the hole in the exhaust, but the owner already bought a stock style replacement and is including it at that price. I can fix that myself. Cat is fine too, just leaking behind.
2nd issue is the throttle cable - I guess they get really gummed up. You have to press that thing down hard. And I'm used to cable driven throttles, the 3 other vehicles I have use em. But good ole Toyota, I can get an aftermarket cable for $45 or an OEM for $105.
Then it's addressing some of the frame rust. I'm thinking knock out the chunks, wire wheel the metal and use Eastwood Rust Encapsulator over it. There's some rust for sure, but again I've posted photos of it around multiple forums and 90% of the comments said go for it. I've been reading other posts and watching videos too and there are waaaaaaay worse 4runner frames out there.
A couple of the body trim panels (it's a Limited) have broken plastic clips, so I'd either remove em entirely or replace the clips.
Then I'd take the interior out and give the carpet a thorough clean. Recover the seats with eBay seat bottoms, and address some decent rust on the driver's side floor pan.
I figure I can do all of that for under $400, and I'd do all the work myself and have all the time in the world.