I owned a 1997 LX 450 (Lexus version of the 80) and a 1996 80 series and the only way I would even remotely think about a '91-'95 is if I were going to do a v8 swap, which brings its own set of challenges (regardless of what anyone else says, most engine converted 80's end up for sale soon after...) The 3fe is barely adequate and the 1FZE isn't much of an improvement (it was designed as a forklift motor and probably should have stayed there). Nothing like having no power and crappy gas mileage all rolled into one. The 1FZE had all of the right design parts, it just didn't deliver and there is no easy way to get more power out of them. There is no way Toyota could sell an 80 in today's market, the cooling system struggled and the A/C would shut off if it got too warm (idling in traffic/slow speed driving), narrow power band, etc.
On a '91-'92 you have the semi-float rear axle with drum brakes and even into the '93-'94's it was no guarantee that you were getting the full-float with disc brakes. So that would need to be considered as well as the disc brakes aren't that impressive, so I can only imagine that the drums would leave a lot to be desired.
I will agree that they are some of the most robust built vehicles out there, they can take an amazing amount of abuse day after day, but they are far from perfect and unless your buddy is a true cruiser head that has done all of the maintenence, expect to spend a lot of time and money to get it up to speed. The first owners generally got the "free" 100k of use, after that, it's time to do all of the maintence.
Now don't get me wrong, I still really like 80's, but I warn potential owners to keep a realistic view of what they are and not to get caught up in the romantic vision.
Jack