Kinda depends on you a little. What do you know about diesels, what kinda performance do you want, etc.
Either way, with 40s, you're gonna need some drivetrain work to make it functional even just on the road. You're going to have to at least re-gear the diffs. Preferably get some bigger axles. Since both the diesel and gas versions have the same axles, this is kinda irrelevant.
The diesels are not powerful, like modern diesels. They were made for fuel economy. Again, with 40s, you CAN'T be worried about fuel economy. With that in mind, I'd say gas. The pre-87 carbed motors can be swapped or modded heavily since they're carbed. The 87-91 TBI motors are reliable but they have a primitive injection system on them and there's a limit to how much power you can get out of them.
Between gas or diesel, I'd say gas just because it's a much simpler motor with a huge aftermarket. The 6.2 is a good motor, but it's no powerhouse and may fall a little short with 40" tires.
If you really wanted to be cool, put a Cummins in it.