I would say uncommon, rather than rare, and yes, good ones are a bit pricey, but no more that a decent older Defender. $20K to $30K will secure you a superb example that will handle anything you can throw at it. A lot for such an old vehicle, but the fun factor is off the scale. If you don't like being stared at everywhere you go, then a 101 is not for you.
What you need to do to it depends what you buy in the first place. I would (and have) driven mine thousands of KM on a trip as is - pretty much stock. Not done anything remote yet, but that's mainly due to the cost of the fuel, and me just not getting around to it yet. The Isuzu will fix that partly. The PO of my 101 has done the Simpson and other remote places in Aus with it, and never had an issue. They are very strong units.
I have tentative plans to tag along with some friends in 2 years time to go right to the top of FNQ, and also to do the Simpson with some others.
When I get my long service leave, me and SWMBO will head out in it for several months.

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