When I did mine, I just went through and replaced every "wear item" that was available. Ball joints, tie rods, control arm bushings, pitman arm, idler arm, wheel bearings, coil springs, shocks, etc.. the works. You'll get a better idea of what it needs once you take it apart, but at this point if all of the parts are truly close to 40 years old, it's a good idea to replace them even of they seem ok.. Especially the rubber pieces.
As for shocks, I went with Bilsteins and havent looked back. They are noticeably better than most of the others I've found. Keep the airbags though for extra load capacity.