If I can find a Limited 5 speed with factory rear locker and relatively low miles, would the benefits of that combination outweigh looking at later Gen 3s with the multi-mode transfer case?
While you're at it you might as well go for the unicorn-skin seats and perpetual motion machine in the dashboard because AFAIK there was never a 5 speed limited.
Asked another way, is there any consensus on a "best" gen 3, at least for expo travel?
As with many things ExPo, there are as many answers as there are ExPo members. Also, sometimes the choices we make are bound by circumstances that are outside the strict ExPo needs. In my case, for example, I decided to go with an automatic tranny instead of a manual even though I would prefer a manual, because I need a vehicle my wife can drive.
It's easier to find automatic 4runners, manuals were only made from 1996 - 2000 and they're not nearly as common, and a lot of them are on "base model" (as opposed to SR5 model) 4runners or those with the 4 cyl engine.
From what I've heard, finding a manual SR5 with the E-locker is also more difficult than finding one without.
As far as "consensus" goes, most people prefer the 99 + models because Toyota made a lot of nice mid-grade model updates that are desirable (better cup holders, more power outlets, etc.) 99 is often thought of as the "preferred" year for off-roaders because the 99's had the tallest factory suspension (these are often called "tall coil" models.)
Really, you have to consider that the newest 3rd gen is now 9 model years old (2002) and the older ones are now approaching 200,000 miles, so really you can "prefer" all you want, but you can only buy what is available at a reasonable price in your area.
Also, how protected is the underside of the chassis from the factory? Or will I have to factor in skids to my aftermarket budget? I'm hoping to keep my immediate aftermarket expenses to suspension, tires, and rock rails initially.
There is a factory skid under the engine/transmission that extends to cover part of the T-case. They are decent, I've never felt the need for more. Nice thing about the 3rd gen 4runner is that there's a big aftermarket out there so if you want a more stout skidplate, you can buy a bolt-on pretty easily.
