I would have no issue buying a high mile truck with the goal of building a puller or dragracer since most of the wear items would be changed or replaced anyways. i would however spend the money to make sure the body and frame were clean and solid.
at first glance, when I bought mine I thought the frame wasn't bad....but when I stripped it to paint it I was saying F*** ME!! the entire time....01 and 02 trucks are the worst when it come to frame rust...I'll never spring for one again