Diesel, 200HP, and probably 450FTLBs torque............... yeah, I could live with that!
Your Taco maybe be able to out pull your Blazer, but lets put a Toyota truck of the same vintage up against it and see who wins. These things may not be too impressive by todays standards, but they were the standard when they were made. They are built like a brick **** house and as reliable as day break and will be around long after the injection molded cars of today are beer cans and washing machines. Hell, they may end up as K5 re-pop panels from LMC.
Mine has a Kragens long block in it for 16K miles with no issues and hauls plenty of ass. Even better then when I took you for a ride now that its all fixed! HP is one thing, but for our trucks, torque is what matters. I think you will be happy with a bone stock rebuild to be honest. It will be an improvement over what's coming out. As long as the bottom end is built stout, you could always later add better heads, cam, manifold and headers, TBI chip as money comes. That my plan.