Having owned a few 2nd Gen. 4Runners I would say if you can find a 3rd or 4th Gen. buy them. The 2nd Gen. was a great platform to build from they are underpowered and lord help you if you regear. The 90,91,and some 92's have a smaller inner axle shaft and the later '92s and up have a thicker one. The tailgate is great on the 2nd Gen. but I would trade that anytime for a 3.4 liter. The 3rd Gen. has Coilovers while the 2nd Gen. has Torsion Bars. For the money the 3rd and 4th Gens. would be my only choice.
Strapp I know you know Toyotas and I'm not trying to argue with you or question your opinion but...
IMO The older trucks are just flat out tougher vehicles though. I love 3rd gen 4 Runners, but they pale in comparision to the earlier trucks in terms of frame strength and I would say that from a durability stand-point the old T-Bar IFS is stronger although not as comfortable or tunable.
The power issue is absolutely correct. The thing about these odler trucks is that they were way overbuilt and are hard to beat if you're into building your rig from the ground up. You can throw a 3.4 into a 2nd gen now days for alot less then it used to be becasue everyone's done it and it's a well documented adn quicker process now. Don't want the V-6??? Then throw the 3RZ 4cyl in and if, like me you've always dreamed of Diesel-Power, throw a 1KZ-T in it adn you'd have about the perfect truck IMO.
I guess what it all come down to is strength versus comfort. They'er both Toyotas sdo they're heads and ashouldersd above the rest in terms of reliability, but compared to one another, the older truck (1st and 2nd gen 4Runners)) are tougher, but the newer (3rd and 4th gen 4Runners) are alot comfier. Maybe you don't need all that added frame strength. Then in that case, it's hard to beat a 3rd Gen V6 5Spd 4Runner IMO. IF they threw a 5spd behind the V8 (I'm sure the R150/1 could handle it, Ivan Stewart used them...I think...) that would have been an awesome combo.
I'm just more into older trucks and puting what I want into them instead of taking what was offered, but that's just me. You may not feel the same way. Either way you're buying a Toyota so you're making the right decision
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Cheers
Dave