You guys are projecting too much into the category of "truck." This rig, this little Hilux, doesn't need a V8 or even really a V6. The stock base engine in an '86 Hilux was a 2.4l straight 4 generating a whopping 102 horsepower. 116 for fuel injected.
You can get that kind of output from a smaller engine now. Finding sufficient power in a small enough package to fit in the engine bay of a Toyota Truck should be a snap - that engine room is pretty roomy, I know from experience. A 2.0 straight four from the base Camry of the late 80s provides approximately the same power.
The important thing will be finding a way to mesh drivetrain with suspension. The Hilux' arrangement is control arms and torsion bars and if I recall correctly there isn't any kind of provision for front drive components unless you look at the 4WD models.
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Lead or follow. Either is fine.
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