Nice discussion. As a first choice, I would definitely suggest to go for a 3F general overhauling and use all OEM parts and setup. You will love it to bits and nothing like using a stock setup. At a later stage, you can get rid of the carb and convert it in to 3F-E setup as well. By doing that, you will eliminate the "Good Mechanic" factor to a large extent. Yes! complete EFI setup is scarce but could be available in Karachi or Quetta. 3F-E was the engine which was also used in early 80 series LCs.
As a second option, I would suggest less noisier and more powerful 1HZ over B series engines. 70 series is big and have plenty of space in the front and this can be done pretty nicely. Though, I can not say any thing about the "nose heavy" issue after diesel conversion. I would definitely not recommend 13B or 13BT for 70.
To tell you my part of the story, I am using completely overhauled 2F in FJ40. What Hamzah said above in Post # 27 is very true. Mine even touches 7 Km/lit if you drive at 80 km/h on highways 