I've owned three 5th Gen 4Runners and now two 200 Series trucks, one LX570 and one LC. They both have their strengths and even as similar as they are in size they really are quite different. If having something newer, more discreet, more agile on the trail and simply lower miles then the 4Runner will be hard to beat. While the 4.0L V6 and 5-speed are a bit sluggish and antiquated, they are bullet proof and will give you many trouble free years and it will get slightly better fuel economy than it's bigger brother. The 4Runner will feel a little cheaper and have a noisier cabin and there are tons of them out there if being like the crowd bothers you.
The LC is legendary, it's an icon even in its fluffed top trim version sold here in the states. The 5.7L V8 more than gets the job done and it's just as reliable as the 4.0L in the 4Runner albeit a tiny bit more thirsty lol. At 100-120K miles there are a few larger items that are highly suggested to be replaced, the water pump and radiator most importantly, especially so on the older 200's like you're looking at. Obviously parts are harder to come by and more expensive and simply owning an old higher mileage vehicle will come with the reality that things are more likely to wear out and need replacing. The LC will provide a better ride in all areas and the handling and comfort are superior to the 4Runner as well. Even though it's not much larger on paper it still comes across as such on certain trails.
If someone gave me $40k and told me to pick between the two it'd come down to two things. Do I need to tow and more space and how long do I plan to keep it. If this is a long term or forever rig then I would lean towards the LC but if you're just going to travel with it for a few years and then dump it for the next one I'd probably go for the 4Runner, but if you need to regularly tow more than 3,000lbs then the LC is the only option IMHO. I enjoyed the 4Runners I owned but once you go LC it's hard to drive anything else.
If you get serious about a 4Runner then PM me, I know guy with a very nicely built 5th Gen who is likely going to sell very soon. He moved up to a 200 Series, surprise, surprise.