The only con i can think of is that those engines (22r) are notorious for the timing chain tentioner to frequently go out causing the slack in the chain to wear a hole in the water pump line and possibly kill the engine, just like the isuzu engines.
pros,
http://www.lcengineering.com
I was gonna build up the 22re in of my dads 84 celica gt-s last year but it sat too long on someone elses property so it never happened.
If its going to be a 2wd truck i would swap out the motor, 5spd tranny, and the independent rear suspension with rear discs on it. And the EFI would be a whole lot more reliable
wish i would have done that back then, but i had just rebuilt the isuzu engine and bought another 4spd
hope that helps
