Yes, that was the only part that failed. If I was a tight-wad I could have gotten by with a tube of liquid sealer and a new plug.
I chose to replace some other stuff while the engine was partially torn down, even though there were no other problems, because I do not like to take a shower and put my dirty clothes back on.
The engine in our Passat blew up, and we needed a new car....what to buy...my wife said - "your old fj60 has so many miles (~300,000) but always runs - maybe we need another one of those...but I want an automatic..." So we bought a 94 fzj80 w/200,000 miles. She loves it. I do some work on it, mostly PM, some catch-up repairs.
The milage and age by themselves are no big deal. Maintaince and condition are the variables to look out for. Pretty much everything can be fixed, to be like new. Especially look for things like:
gunked up cooling system
leaking headgasket
worn front axle seals
Each of these can cost a lot to repair, and/or cause additional damage if not repaired.
In a wierd way, the LC's strength can be it's weakness. It's super durable - so some owneres do little to no maintaince.
I think it's a no-brainer - find a good one, buy it, do any "past due" maintaince, and enjoy.
188K miles here. I bought a radiator the week after owning it because the original looked full of cr##. 1.5 years later it's still on the to do list with no probs. I just repacked the birfs and replaced rotors and pads, mostly for peace of mind, no warpage. All and all, with four kids, I wouldn't have anything else. With all the money you save by not repairing it every other weekend, you can buy lifts and fun stuff.