Do a little internet research on the 22R/RE engines, when properly built they can produce impressive amounts of horsepower for their size, enough so thay when properly geared they can easily spin big tires.
And one of the best benefits is they can still maintain great fuel mileage and the performance parts cost slightly less in some cases than if you were to build a V6 or V8.
Also not all high powered 4cyl engines are turbocharged, its possible to get good horsepower out of a normally aspirated engine.
If your looking at keeping cost down a 3.4 like whats in my 99 Tacoma isnt a real good choice, I have close to an additional $15,000 above what I paid for the truck when I bought it new in 1999 wrapped up in the build, not to mention a lot of time over the last 14 years.
Another thought for you is be a trend setter, start looking at engine/trans packages from different types of equipment.
My 1991 tube chassis crawler started out like yours, a 1991 Toyota deluxe short bed, along with many other mods it also sports a Yanmar Turbo Diesel engine with a 3spd gear box hooked to a set of mated and clocked GM t cases. The engine is set-up to run Bio fuel. By shopping wrecking yards and craigslist I was able to build this truck for under $5000.