This one was actually a pretty neat and clean job as the chap put in a lot of time and effort getting things right. The 4x4 was working though I did not test it during my short test drive. The V8 seems to sit in well with the LWB Gen II and an uninformed person will have difficulty figuring out that the car has been converted.
As for rally conversions, I would think that these would actually be a bit easier / less painful than street conversions as you don't necessarily have the cosmetics to worry about and the focus is on functionality. I don't think a good Toyota / Pajero conversion would be unreliable as such on the rally field though anything can happen to any car out there as even stock Pajero engines can give up.
Anas Khakwani's 3UZ Evo is one successful case where though it had some minor belt issues at midpoint, it was reportedly running within a few minutes of the Tacoma. I understand Anas (and Ronnie) are quite satisfied with their 3UZ transplants and we will see much more cross breed rally action with Anas 3UZ and Qasim's 2JZ Evos.