Monteros are a bit different, but I know that on an Jeep, where the front is spinning all the time, going to locking hubs results in a gain of far less than 1mpg. At the same time, all of the recent Jeeps (97+ish) with the front spinning constantly aren't equipped with a bearing between the front drive sprocket and the main shaft of the T-case. (Why put a bearing there when there's almost no speed difference between the two during most high speed driving situations, right?) That means that when you unlock and stop the front from spinning, the main shaft is spinning at road speed inside the front drive sprocket in a purely metal-to-metal condition. (With some oil fed in from the t-case pump, but there is no bearing anymore!!) IMO, that causes a far bigger concern for me than the tiny bit of mileage gain, or wear. If a montero is set up similarly, with no CAD and drive flanges, that might be something to consider.
Now on IFS, with lift, I think locking hubs would save some wear on the (likely over-angled) CV joint boots. That alone may make the conversion worthwhile on those trucks!
YMMV.
C