While I understand your intentions, I'm with them in saying a 1UZ would be a better option, even try a 1MZFE to be different? It goes without saying you don't need an R154, a W58 would be a much better proposition.
The MA70 weighs around 1575kg with a 7MGTE. The 7MGTE is well over the 200kg mark. The 1UZ is a smidge shorter and would be a good 50kg lighter. The 1MZ would be both shorter again and lighter.
Gutting it, you're still going to end up with something fairly heavy, given the overengineering that went into the chassis, probably somewhere above the 1250-1300kg mark even with stripping it.
While not trying to poopoo your idea, I'd recommend a lighter chassis or a bigger engine. And yes, the Mk3 weighs more than the Mk4 by a good 70kg.
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