22R has 200,212 miles on it. It runs and starts and everything just fine, I have yet to run a compression test or anything like that. However, if I'm going to rebuild or replace, now is definitely the time to do it (the title is in the mail, won't be here for a month thanks to stoopid PENNDOT) so what should I do? Replace it with a new 22R or 22RE, or rebuild it (new gaskets, water pump, metal backed timing belt, plugs ...all that kinda stuff)

 

I voted for the replacement. Here's why:
The fuel injected engine will give you a little more power and slightly better economy. It will also perform better off-road. You can go up or down some extreme angles without having to worry about a starving or flooding carb.

Another thing to consider:
I saw a post a little while ago about the interchangeability of the 3RZ 2.7L Tacoma engine with the 22R. If I remember, the transmission is either a direct bolt-on or, at the very least, the bell housing would have to be swapped.

Just my 2 senses