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I'm also contemplating an engine swap, but a little less horsepower. A think a 4.3, throttle body injected V6 would be perfect for such a small truck. It'll drag my '83 around, no problem at all. Heck, still use the stock trans, t-case (prefer the gear driven stocker t-case of the chain driven NP205 any day) with perhaps a Marlin Crawler gear reduction kit in it. Then the stock axles, with Profield Birfield joints with nice inner 300M Poly Performance axle shafts will do just about anything I ever want to do with her. A nice locker, or 2, would be sweet as well.
Using the '87 4Runner fuel tank, with the 17 gallon gas tank, and the in tank fuel pump, will be a nice addition over the stocker that we have.
There is a ton of information out there, and here.
I'd rethink the 350, personally. The weight, and the added problems with drivelines, springs, etc., wouldn't justify it. Just my opinion though.
You could just swap in the manifolds, the wiring, the pump and stuff for the RE conversion. Just get an early model version of the RE as a donor. You'll be all set.
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It's not worth doing unless it gets dirt, grease or splinters under your nails.
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