Workhorse - good questions, and I'll try to provide sensible and useful answers.
Driving is a mix of town, highway, off-road. I also have a reasonable comparison of also doing a very similar trip for two different winters down to Death Valley and back with almost an identical load on the vehicles. RTT, ARB bumper with winch, same tires etc. I also have long term data from my HJ61 and about 15,000Kms of data from my HZJ77 - the HJ61 wins out every time, and by quite a lot.
The main - and very important variable - is that the HZJ77 has an indirect 4.2L 1HZ with Denco aftermarket turbo, and the HJ61 has the 4.0L 12H-T with direct injection and stock turbo turned up to 12PSI. A direct injected engine is by its very nature more efficient than an indirect injection engine, however the power output - judging by seat-of-the-pants feel (and going up and down local hills on a regular basis) - is very similar.
The HJ61, driven considerably faster - 120-130 kph, compared to the HZJ77 driven at about 100-110 (as an example of typical long term cruising speeds) obtained far better fuel economy right across the board. I'll have to go back and dig up the numbers, but it was quite substantial. However, I'm not exactly comparing apples to apples here, the engines are quite different in brake specific fuel consumption.
The gears: front set is OEM, rear set is Japanese made aftermarket.
Acceleration: the HZJ77 was much slower off the line (due to the lower gearing and much greater bottom end power of the 1HZ-T) than the HHJ61, but once up to speed they were very similar. The 12H-T is a 'snappier' engine and is very throttle sensitive, the 1HZ is not as quick to rev, but has a greater rev range and higher redline.
If it was my truck? Yes, absolutely! And it's one of the reasons why it was one of the first things I asked my new supplier about. I would like to replace my HJ61 with another HZJ77 and I would have to have taller gears (and a 1HD-T). I have a BJ74 with cable lockers, and I was almost going to rob the front out of that to replace the front end in the 77 and put 3.70s in it.
The only downside is losing some low speed crawl, but that can be offset with transfer case gears in both the 70 and 80 series.
hth, John