A little update on this:
Unfortunately it's been a slow 2 year build with this, time and money has limited it, but mostly time.
Replaced the old axles with some FJ60 axles and also did a spring over while I was at it.
New axle
3rd member
The beauty of toyota, I was able to swap the 3rds from the 40 axles that had 4.10 gears and lockers right into the FJ60 axles
I also replaced the leafs with some
jeep YJ springs (I'm not proud of it but they work awesome) since the springs were a little longer, it stretched my wheel base so I had to lengthen the front drive shaft. I cut it up, inserted a new piece of tube and used a piece of steel angle to line things back up for welding
I also added a ladder bar, to stop any axle wrap. This was a definite, with the soft springs and the torque of the V8, I would of done some damage without it.
I also added some hi-steer arms too.
Alright so here is where this build takes a turn for the better. A lot of people run chevy motors in there 40's, the V8's are a fairly cheap and easy swap to gain more power over the stock motor. But it is a common swap but not one that is fully excepted by die hard Toyota guys, including myself.
So......this is where I redeem myself and I know you guys will highly approve.
The new motor for the FJ40 is...drum roll please

A 2005 Toyota tundra 4.7l V8 with only 69,000 miles on it. This was the first year toyota used there variable value technology on this motor, so the output is up 282hp and 325 ft/lbs. The deal was way to good to past up, but I told the guy I was buying it from I need everything for that motor to run, if I couldn't get it the deal was off.
So I got the motor, auto transmission, transfer case, complete wire harness, steering column, drive shafts, gas tank with sending unit and even the electronic gas pedal.
So now the 40 will still have the power of a V8 but now with a more modern one that will be more reliable, more friendly on and off the road and will be more efficient with the MPG's.
This is not going to be an easy swap at all, in fact this hasn't been done many times, but I know in the end it will so be worth it.