Gracey,
I guess it really relates to how much you will use it and whether you ever want to sell it and recoup some of the expense.
Pros:
Reliable engine and easy to get parts (hopefully)
Possibly fuel efficient (will depend upon final drive ratios etc.)
Easy to get.
Cons:
Will devalue your car, as opposed to a Series 1 that has a Land-Rover engine.
Expense; will you ever recoup the purchase price of the engine, axles and parts in fuel savings?
Considerable work and presumably modification to make the engine; fuel system; exhaust; axles; brakes, etc. fit.
Do you know for sure that the engine will fit height-wise under the bonnet?
How difficult is it to get licencing permission to do the mods?
Given that a large part of the car will now be Toyota would it make more sense to just buy and restore a Hilux?
How often will the car be driven? If you plan to use it as a daily-driver be prepared for cold, draughty, noisy, hot, uncomfortable travel. If you plan to use it infrequently then putting up with the above is not such an issue.
Modifying an old car to make it more useable and comfortable can sometimes be a can of worms - I mean where does one stop? I recently thought about doing up one of my S3's to make a fire fighter/ come GP ute. By the time I had factored in: parabolic springs; comfy seats, 200Tdi engine, sound proofing, different exhaust, different radiator and intercooler; I had given up in desperation at the expense and decided that a Defender would be more sensible!
Anyway; hope you have fun deciding and doing it,
Cheers Charlie
