Adding to my lis abovet:
4. 3.7 diff gears to get the RPMs down on the street.
Having started with a stock FJ40 back in the day, I'd do now what I did then. Rapid stopping with 4 wheel drums was a nightmare. After scaring myself a few times, I grabbed the outer axles from a mini truck (probably hard to find now) and installed discs up front. Rear discs are optional (I still have my drums). To me that is the most important thing to do.
I have the mini-truck power steering and 33" tires. To me, I'd probably be happier with a Scout/60/80 series power steering set up since that gets rid of several linkages. That'll help reduce the steering slop and help it track better on road and make driving a bit more relaxing. I went the mini-truck route because I needed something that required minimum fab work at the time.
If you are street driving, I'll add swapping the diffs to a 3.7 gear like the later FJ40s and FJ60s was a great upgrade. Though I admit even with the 33' tires and 3.7 ratio diffs, I still yearn for a 5th gear...
Edit: I see you mentioned a OD. I'm guessing you have a Farley? I'd still do 3.7s....
Thank you for the input. I may have to consider bumping disc brakes (at least front) up a little on the priority list, as several people have listed that upgrade in here.
Question: When you say mini-truck, are you talking about a 1979 - 1985 Toyota 4wd Pickup and/or 4Runner? I found a couple of hydraulic power steering conversion kits online that mention "mini-truck" and specify that you have to find and use a steering gear box from a 1979 - 1985 Toyota 4wd Pickup and/or 4Runner. I took am looking for something that would require minimal fab work since my welder was stolen years ago and my hands aren't steady like they used to be. But after reading some of the posts in this thread, I think I'm leaning the electric route now. I'm going to sleep on it.
I've seen disc brake conversion kits on some of the websites. I'd like to hear more about how you did yours. Do you think it was cheaper and easier to do it the way you did? Also, did you have to change out the brake master cylinder, or were you able to stick with the OEM 2 Resevoir Master Cylinder and Booster?
I hear you on wishing for the 5th gear. With my motorcycle I recently sold, I was always wishing I had one more gear. Yes, I do have an OD, but it is not a Farley. I was curious / interested in an OD because I saw a short YouTube video of a driving FJ40 with an OD, and it seemed to me like that would be the next best thing to having a 5th gear, if not better. When I bought my 2F drivetrain from Vulcan here on iH8MUD it came with a "Todd Toyota Overdrive". An image that I will attach says "T & H Products Todd Toyota Overdrive" from California. Here is a link to that video, but I don't know what brand OD it has:
Right now my FJ40 came with and still has big Buckshot Mudders tires, which I've learned are not recommended for the road. I was planning on going with the biggest A/T tire I could cram on the wheel, until I watched the Top Gear Bolivia Special I saw mentioned on iH8MUD because it had an FJ40, and at a certain point they put big tires on both the FJ40 and Land Rover and both Richard and Jeremy said it absolutely ruined them and took all the pep out of them. Cruisermatt recommended I take the lift kit off (was on when I bought it) and put a more stock height tire on it for better performance, so I'm probably going to run a 28" to 30" tire. Like maybe a 225/75R15 or a 235/75R15.