All vehicles operated on Texas roads must be inspected. As for the title, as long as the original owners signature is on the title and the buyers name has not been filled in, you are fine. If the title has been signed by another buyer other than yourself, you will need to fill out a form stating the error on the title.
As for tags, it can be tagged as a regular Texas truck or you can put antique plates on it but there are stipulations on those tags. You can go to
www.txdot.gov for more details on the plates.