It's too low, and I don't like those particular rims but I think that thing is almost awesome.
I've always wanted to have a truck with a trashed body, but the interior and under the hood are pristine.
Only 2 rules, it's never too low and good old rule No.7 rust is not a crime. The truck in the picture would be on air bags like most low hot rods, you can lift it to drive and dump the air when parked. Some have the chassis and body sit on the ground when the air is let out. I'm not a fan of 20 or 22 inch mags on old cars. Just give me 16 inch steel wheels painted bright red with white walls that's all the bling a rusty truck needs.