I will add my 2 cents...
While I have not owned an FJ80 I do own an FJ60. Plus I was seriously considering an FJ80 when I got my 60 and I also had a friend with one. So I have been around them. I also have had a 1st gen Taco that was fairly built up.
For what it is the Taco is a great truck. However in my opinion it has a few downfalls. These are small light duty trucks and as such you can find yourself limited with space, load capacity and so forth. If set up for overlanding I think it is best to try and keep the truck as light as possible which can be very hard to do. As far as being reliable, they are pretty solid. The weak points are IFS (of course) and the rear of the frame. Both can be dealt with however I don't think many people will consider a SFA conversion for an overland truck. So as mentioned already with the IFS you will be limited to a 33" tire. Another downfall in my opinion is the seats and seating position. It is rather low and the seats are not all that great to begin with. This makes for an uncomfortable truck after 4-6hrs of driving and I am not even 6ft tall! As far as road handeling, the Taco does well. I had to do work to the suspension to get it handeling well though as I hated the stock suspension. It does great though once dialed in on wash board, snow and dirt/gravel roads.
Stock to stock comparing the two trucks I think they are close to equal off road with the Cruiser being slightly better (with lockers of course). A lot of Tacos are TRDs with the rear e-lockers so I am just assuming most have that. A stock Cruiser will not flex all that great. As soon as you start modifying the trucks though the Cruiser is going to be far better in the dirt. On road I think it can handle just as good as a Taco even with 37s, assuming you have your suspension set up for both on and off road.
For a DD the Taco is better and you have the plus of a bed to haul with. The Taco will get better mileage too and is easier to park, ect. On long trips the Cruiser is just going to be more comfortable. As far as overlanding, I think unless you require a bed for some reason the Cruiser is going to be better.
The only low points about the Cruiser are IMO the engine and I can't think of much else! However many of these trucks are still on the road with no problems so it isn't like the engine is a time bomb. It is just a gas guzzler, lacks power and has an issue with the head gasket (from what I have read).
I think they are apples to oranges. One is a big heavy SUV and the other is a small light duty truck. There is just a lot of factors about them that are so different. I have had the Taco and while a great truck I will not own one again. Right now I am happy with my FJ60 but if I was to go to a different truck, there is a 95% chance it would eb an FJ80. And if I ended up with an FJ80 I would do a motor swap to a v8 or diesel.
cheers