^ I agree, take the heads off and check them out. Take them to a machine shop to have everything cleaned and reworked.
I personally wouldn't get an entire new engine unless things look nasty inside.

 

Good thinking! I'll do the compression test and maybe a leakdown and go from there. I wonder if I run any of that seafoam stuff it will change anything... and no, I won't pour it into the break booster vacuume line. Now would be the time to tear down the motor since I have to do the timing belt soon. I really think I was looking for an excuse to shoehorn a 4.7 in there... the real issue is smogging the damn thing here in the Peoples Republic of California... I pay my taxes... Cali why do you hate me.
Kevin

 

^ hahah i would love to put a 1uz in place of my 3.4L in the future....just maybe

Good call on the rebuild. To me thats worth it moreso then getting new.

 

So Sicarus,
Any update on this? what did you find? what did you do to remedy it? I have a 96 Taco 5VZ w/150k on it and have been considering a valve check / adjust and need to do the timing belt & water pump as well, so I'm curious how this turned out for you? Would you recommend or not someone doing the valve check / adjust themselves? I've heard the 5VZ is a bear to do... I've done shim over bucket adjustments before but not on this motor.

thanks,
biGjOhn

 

Had my Tacoma for 10 years.. the 3.4 ticked a little since the day I bought it and it still isn't much worse.Never had any motor work done until I decided to do the water pump and timing belt this week actually, 415,000kms and I beat the out of it in the bush and take it on long highway trips and it hasn't failed yet.Love this machine!!