You'll have a blast trying, and that's what really counts in my book. I helped build a single cab, shortbed Tacoma 4x4 for dual use, rallying and off-road racing in SoCal. The truck only ran in rallying, Open class with a mildly built up 2.7L n/a, maybe 150hp at the wheels. He ran one season and was able to get 2nd place in class for the season, he even got an overall win at one race in it. What it had over the cars was toughness, since it was lacking in the power. For various reasons, it's now for sale, but a damn nice build, handled great with a huge long travel swaybar out back. 10-12" of travel in the front about 14" in the rear. For rallying, it's all about making the vehicle handle. I think it can be done with the Montero/Pajero, the factory backed Dakar team did amazing with them.
-Jon