I had a 2001 4R w/ 3.4L and it was a gas-thirsty balless wonder. I would never consider this 16-17 MPG 180-something HP engine for an FJ even if it were provided and installed free. 250-275 HP is not an unresonable starting point for any decent carb'd 350 SBC.
Jetboy, have you ever driven a carb'd SBC-powered FJ40? What's your source on those grossly low V8 numbers?
Take a look at any chevy truck repair manual for net hp numbers. Or wikipedia or really any other source. Stock carbed SBC's are rarely over 200hp and those are usually corevettes or muscle cars. Not many truck versions were over 200hp.
Something was wrong with your taco. Probably not replacing the O2 sensors. I routinely get 20mpg in my 4runner. I can pull 25 if a slow down to 65mph on the highway. I get about 18-19 towing my 17' sailboat around the mountains of Utah. Power isn't an issue. I may drop to 65 up some hills, but usually even then it's because I don't want to push the rpm's up too high. I don't think 4k rpms in a 3.4 is an issue at all.
Put a carbed sbc on a dyno. One of my buddies in Montana has a dyno at his shop. I've seen plenty of "400hp" small blocks put 200hp or less at the wheels. Sure they can be built, but a take-out from carbed 70's or 80's pickup is no where close to 250hp. Usually what I see is a hodge podge of mis-matched performance parts that all claim to add xxhp and the owner thinks that they can just add em all up and that's how much power they are making, which is rarely the case.
Either way, the fact that most people are even happy with 289s and 305s with less hp than the 3.4 seems to indicate that a 3.4, if in good condition, would be a decent option. Just because your truck sucked doesn't mean all 3.4's do.
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