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Work specific modifications always make "sense" even if mpg goes down some. That would have helped in answering the question with some accuracy. The majority around here are just trying to cut costs -- income preservation -- and do not run vehicles that produce income. It's a different point of departure for calculating "investment costs".
Given the age of the truck in question, though, mightn't this addition be worth more than the truck itself? If the bed is that bad, what of the cab? And can the frame deal with a non-flexing bed attached? IOW, this could shorten the working life of the truck.
Have seen some decently done wooden beds. That's worth a search.
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