Why spend $4000 on 4.3 or bigger on $2000 truck? I am in the same boat as you with my '84 4x4. These trucks sre slow because they are from a different era...but they seem to run forever! I do love when it rains as I am able to drive the same speeds (within reason), as I always do...passing all manner of cars and trucks.
If using all the power you want is for asphalt, that is fine, but offroad, there are many other areas of improvement to make your rig more capable besides horsepower.
More power to you whatever you decide.
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Pitate 4x4:
http://www.pirate4x4.com/forum/forumdisplay.php?f=12