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The 1998+ GS300 is comparable to the IS300. It's a little less sport and more luxury. They both have the 2JZ motor, the GS is heavier though and therefore a bit slower. But again, its much more luxorious with a softer ride. The IS rides somewhat stiffer.
Your assumptions on the strength of the 2JZ motor are correct, but that is provided that the motor has been cared for properly (or at least somewhat regularly) up to that point.
Timing belt change should definitely be done before 90k, if it isn't, have it done along with the water pump. At a Lexus dealer, this service would cost anywhere around $500.
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