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If you want to lift the truck, i would suggest going with the V6, because it will be easier on the engine if you are puttin on bigger tires. It would also be easier towing. buy the V6
i dont know if your aware but when buying a tacoma from 1995 to 2000 you need to be very careful and check the frame as those years are being recalled (but its not an official recall) by toyota for rusted out frames. it is not an official recall but toyota is willing to give you 1.5x the blue book value on your tacoma if it is rusted out. and every truck is considered to be in excellent condition. now there not all bad just make sure the frame is solid because ive seen a couple were you can push a whole into the frame with your finger because its so rusted out.
a better option might be a 1994 toyota pickup as they didn't have this problem
dope truck though im looking for a 1990 to 1994 toyota pickup or 4 runner
my friend has an 94 pickup with the 4 cylinder and we went mountain biking and drove it up quite a steep shuttle road that is in poor condition with eight people in the truck and 6 dh bikes. mind you we were in 4 low but i was still super impressed with the amount of power the 4cyl has.
here is a link http://blog.lexus.com/2008/03/living-up-to-ou.html#more
hope that helps