Mike,
I used to wheel with an 89 4Runner, with the V6 and an auto tranny.
Not enough power to get out of its own way, but aside from that it was a nice truck, not too many problems. The timing belt let go at around 220, and it was a tedious task gettin that fixed. Took me about 18 hrs in total, kuz I'd never done one before, but they're a non contact engine, so if it lets go while its runnin, no big deal, just tow it in somewheres and get it done.
The IFS is nice to wheel with if all yer building is a smaller trail truck. Mine had a 3" body lift, 2 inch blocks in the back, and I turned up the front torsion bars for an extra 2 inches. I fit 33X14X15 Boggers in there with no problems, and never rubbed anywhere. But with the V6, the welded diff and the auto tranny, there wasn't a lot of power there. And as I understand, the 5 spds aren't much peppier either.
But overall, a nice truck, and on one fatefull september night, it was the only truck out of 5 that made it down Pretty Rock unscathed.

Just my 2 cents.