I would search a bit if you didn't on good desmog techniques. What I have found is that when everything is present on a Land Cruiser, emmision wise, they run very well, and the theoried loss of power is very small.
From my experience, I have a 73, the original owner ripped the smog stuff off in about 73. My dad got it in 77, and drove it many years, and then we resotred it for me. I have had constant troubles with getting it dialed in just right. On the other hand, I have a stock 60 series, 225,000 miles, and it runs flawlessly. The emmisions system is really an early approach at computer control of the engine.
A good desmog can be done, and it greatly simplifies the system for sure. I have done that on my 40, but I have also spent years researching each system and tracking down parts that will help me, not hinder me.
One system is the charcoal canister. The fuel tank on a 40 is vented in three locations. These are the hard lines embedded in the top of the tank. They assure, that no matter the angle of the vehicle, the gas tank gets proper ventilation. As you consume gas, you must replace it with air. From these vents, they go to a plastic container behind the passenger seat, on the wall. This container accounts for expansion of the gas and vapors in the tank, and settles out liquids, so they run back in the tank. From there the vapors go to the charcoal canister under the hood. The charcoal captures gas fumes, to later be burned in the engine. The emmisions computer dictates when these vapors are burned, determined by operation conditions of the engine. This portion can be simplified some, but simply hooking it up to direct vacuum may not be completely correct.
Without all of this, I had to use a vented gas cap. Prior to that, my dad just messed with the seal on the cap, so it wouldn't seal. On hot days, if the rig had a full tank, and was sitting leaning towards the passenger side, it would run gas right out the filler. In extreme off camber situations, it would run gas out. Not to mention the fumes that would get in the cab, as the tank tried to expand, and pushed gas vapors past the sending unit gasket and hose clamps.
Canister should last, you can run some compressed air through them to help clean them out and rejuvinate the charcoal.