Sco68 -
Don't be in such a hurry to modify your LC, the're pretty bullet proof the way the leave the factory. I've driven stock suspended, open differentialed skinny-tired fj40's (the hubcaps are a nice touch) for the past 25 years, and have gotten everywhere I need to. In the 400,000 or so miles I've driven these things, it has been my experience that if maintained, the differentials need work every 120,000 miles or so, and its not the ring and pinion, its typically the spider gears that flake out. Never had a problem beyond maintenance with bearings, seals, hubs, axles, CV's etc. You have to keep up on these things. I'm a geologist by profession, I've used the LC's on and off road all over the southwestern USA, most days driving off-road to make a living. My advice, keep it stock, use your head, keep it maintained and enjoy it. My current FJ is also a 68, Picked it up 2 years ago with only 80k original miles - I dig the column shift. Remember - It aint whatcha got, its how you use it. Have fun!
Best regards;
Greg