Depending on whom you ask - Land Cruisers in that generation and older are considered some of the best trucks that Toyota made at teh time. But there are some problems area that seemed to crop up in those years that you should be aware of:
- Automatic transmission had a delayed engagement into reverse from park or neutral due to weak springs inside the transmission (Not much you can do about this but to look for it during the test drive).
- Cooling system, especially the radiator and thermostat had a tendency to leak (seals do not hold in colder weather).
- Excessive interior vehicle noise from the transfer-case / lever assembly )fix with new hardward and sound deadening).
Also mileage is not its strong points - most of my colleagues that own them would be lucky to hit the EPA number for fuel economy of 12/14 MPG - most were in the 10-12 MPG range. Make sure you have the suspension and drivetrain completely checked out - though they are tough trucks - with anything approaching 150K miles or more - those 4x4 components (bearings, u-joints, mounts, suspension attachment points, axles, etc.) are looking to be replaced and they are not inexpensive. If they were well maintained - 250K miles or more would be easily achieved, but you have to pay to play with this lot.
My folks have a Sequoia - and even with its thirst V8 and tow package, they still manage to keep the MPG in the 15-17 MPG range. Not a whole lot better than what you are looking at - but Sequoia is a much better all-purpose truck. The Land Cruisers would be a much more capable off road vehicles than what the Sequoia could eve be - but that was the way they were designed.