The most common engine in Zambia is the 1HZ and we use them for bush work and get a hard 450,000 km out of them before overhaul. The manual gearboxes never seem to fail but we swap out the oils annually and overhaul the front hubs. If you are mechanically minded then the car should last a lifetime.
Big job to sort out that rust and would involve taking the body off welding and plating etc so unless you are looking for a project car I would move on
Hub to fender distance remains the same but can be adjusted with your torsion bars. Yes hub-to-ground distance will increase with bigger (higher) tires