I have an 1989 FJ62 that I just love...except that it does not get very good gas mileage. I traditionally put MSD ignitions on my vehicles right after I get them. Usually resulting in better performance and much better gas mileage. But with my cruiser I have shied away from modifying from stock. I guess that I want to hear from cruiser owners their experiences with high output ignitions. And any improvements on gas mileage.
I've used various Jacobs high output ignitions on both my 40's and 60 for many years. I recall there was a very slight improvement (1 mpg) in gas mileage, but no noticeable performance improvement. I expect that would be the same situation for your 62.
The best mpg improvement you could possibly get with a tweaked ignition would be 9% (aka 1 mpg)
As @db3 mentioned, 25 years ago I too installed a Jacobs "Energy Team" high performance ignition in my 2F.
It used a computer black box to adjust the timing of the spark and intensity. It used the stock igniter and distributor.
I noticed that the engine ran a little smoother when reved, and got at best about a 1 mpg increase on the highway.
I liked it.
They're out of business now.
I don't have it installed any longer.
The OE Denso ignition systems for 60s and 62s are very good and very reliable. Why anybody would consider replacing them, unless they were malfunctioning, is beyond me. The only magic equation for more ponies or better efficiency adds two cylinders.
One thing people often overlook to squeeze every drop of efficiency out of a 2F is a PROPERLY adjusted valve train. Adjust the valve per Jim Chenoweth's instructions ( FJ60 valve adjustment ) and you'll be surprised at how much better the motor runs if they were out of spec.
I can't imagine any ignition system delivering a 9-10% improvement. My FJ62 (stock weight, but 31x10.5s) gets 11.5-12 in town, and I just got 15.5 on the highway (65-75 mph - all highway), here in Colo.
When you calculate your mileage, you should be adding 7% for your larger tires, vs. the stock 29" tires that came on it.
I ran an MSD box on my 60 for over a decade. It improved starting considerably. Half a rotation and the 2F was running every time. Best starting vehicle I've ever had. No noticeable gain in fuel economy. A roof rack is by far the worst thing to add to increase fuel consumption. Next is raising the gear ratio, generally by running bigger tires. Followed closely by hauling extra weight.
I added the MSD because the idiot PO had installed a non-USA carb and points/condenser dizzy (from a '74 Crusier) and discarded the originals (with less than 20k miles) on a botched desmog. The MSD eliminated the need to change the points. Well worth it for that but it was a band aid not an improvement over an adequate stock set up.
An MSD will not improve mileage, nor will it make combustion better. You have a 3FE which already has EFI and ECU controlled electronic ignition and timing.
MSD Ignition is marketing fluff left over from the 60s. They have a great marketing department is all. They are an improvement compared to points style ignition - which haven't been factory equipment since Nixon was president.
They are prone to failure because of how they actually work (immensely complex with regard to capacitors, rectifiers and signal processors). Effectively it was a way to get a magneto to run at low RPM. They are completely unnecessary on a street rig. You will see little to no power delta between an MSD and other breakerless ignition systems. They were a way to get high RPM (+4500) before breakerless ignition modules could handle the amperage associated with short dwell times and higher resistance coils back in the 1970s.
The factory Toyota ignitor is more than capable of lighting the low compression, low RPM mixture of a 2F/3FE well into the 6K RPM range..