Just a couple things.
1. Looks great, I am very envious.
2. yes, that appears to be the original steering wheel, but the horn button does not appear to be original CJ5, looks like a FSJ button, but this is based on a pic that is hard to see.
3. Skip the body lift. run some 2.5" lift springs if you really want to lift it. some old school steel wheels and some 34" ltb's or Special service swampers would look hot.
4. the 304 is a solid motor, as mentioned, the power ratings in the later years (79-85) were pretty misserable due to emmisions crap and poorly flowing heads and exhaust manifolds. The 304 will really wake up with a set of older stock FSJ 360/401 manifolds or headers, re-worked heads, aluminum intake and a solid running carb in the 500-650 cfm range.
5. if your looking for an original tail gate, I think I have one in my shed, or a re-pop version from crown actually fits really good and would finish out the look of the tub as opposed to a diamond plate one, but if thats what you like, run it.
6. Keep it up!