If you have the time and effort - as a hobby why not. As far as IRD etc - they are available second hand from about $1000 and for ones that just need some bearings etc cheaper rebuild kist are available. So from this aspect I would just source bits and rebuild yourself - older Freelanders are likely to have the same problems as the one you buy.
I have a diesel but have read a lot about the 1.8s and V6s - basically with the 1.8 if it has a blown head gasket you have to assume the liners have dropped. Then if you are prepared to give things a go - then pull the engine down and try a rebuild - anything is possible.
My advice is not to get two bung cars - both are likely to have the same issues. There are heaps of cars on the market and if you know what you are looking for cheap buying. Stay away from the 1.8s - I would be cautious about the V6 (same engine in the first Kia Carnival - all dead by now). The L series diesel is good - but you need to get one with an upgraded IRD - TD4 excellent.
Take my car - 260,000 runs like a dream, everything works, upgraded IRD - but only worth about $4000.
They are there cheap if you look.
Garry
REMLR 243
2007 Range Rover Sport TDV6
1977 FC 101
1976 Jaguar XJ12C
1973 Haflinger AP700
1971 Jaguar V12 E-Type Series 3 Roadster
1957 Series 1 88"
1957 Series 1 88" Station Wagon
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