If this dump truck is going to carry some serious weight, here is what the guy should really do. Put the wood on like he wants (I would stake every 3 feet from my experience). Then back it on the inside of the bed with 1/8" sheets of steel. Bolt the steel sheets to at least one post of steel, front and back, and the rest to the wood with 3/8" bolts.
It will make the wood last a very long time and will greatly increase the strength of the bed without having to worry about the sides bursting. Plus, the wood/metal combo will be almost impossible to dent or break without trying to do it.
You can use carriage bolts on the inside of the bed, so its smoother, by using an impact gun on the nut on the outside of the bed to drive the bolt home.