both would be a reasonable first 4WD I reckon.
Don't buy into it thinking that this will be 'cheap' motoring tho.
You could purchase the best kept vehicle with fantastic service records ... etc, etc but there is every possibility that some major failure can happen at any time.
My philosophy is to find a vehicle with the least appendages on it to minimise the things that can go wrong. By that I mean, stuff like accessories and or standard gear in the car.
I don't like ABS, as when it fails it costs a lot, and car will drive horrible. I don't particularly thing air bags are an item that was really needed in the world. If people drive sensibly safety devices like that aren't needed. When airbags cause faults they are annoying. 
So, not surprising that I waited for my D1 to pop up onto the market with no airbags and no ABS. Because it's a pre OBD vehicle, those faults are harder to diagnose. 
What you will find tho is that over a short initial period after you purchase the car(say first 12 months or so) it will have small not overly expensive items fail. 
Stuff like, serpentine belt adjuster, or viscous coupling, or leaking waterpump, etc. All things that will majorly halt the ability to drive the vehicle. 
It will be a cascade of this stuff that will eventually cost you $ for the first couple of years. 
These vehicles are old now, they probably done 300-400K klms or so. Expect that stuff will wear out or has a finite lifetime of use .. and  so needs replacing/servicing. 
If you do go with a Pajero, I'd recommend 3rd gen(early) petrol (v6), which would be an NM model,  rather than the 2nd gen. Earlier models have transfer box issues and are expensive to fix.
Driven sensible, a v6 Pajero will get you close to 10-12l/100. 
These can be found for less than $5K in base trim and manual. 
When you say budget $5-8K is this the total budget or just the initial purchase budget? Big difference!
You seem to want to accessorise the vehicle .. which seems only natural .. for the purpose of ???? 4WDing/Bushbashing? or Exploring/Overlanding? 
Big wheels and lift, sounds like you want to go bush. This will cost you $'s over time in terms of worn bits and pieces and breakages.
				
			 
			
		 
			
				
			
			
				Arthur.
All these discos are giving me a heart attack!
'99 D1 300Tdi Auto ( now sold :( )
'03 D2 Td5 Auto
'03 D2a Td5 Auto
			
			
		 
	
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