I would not recommend turning the rotors unless you have brake vibration/pulsation or they are severely grooved. Definitely wouldn't turn new ones! Turning them when its not needed is a waste of money and rotor life.
New pads won't seat quite as quickly on used (smooth) rotors, but its really not that big a deal in my experience.

Replacing the rotors is no big deal. You don't have to do anything with the bearings except reset the preload, but you might as well also repack them while you're in there, which is messy. The "front end maintenance" articles in the /toyota/maintenance part of 4x4wire has some good info.


Timing belt replacement doesn't require removing the valve covers (if that's what you were thinking). It is much less labor-intensive, which is why it is so much cheaper. It takes me pretty much all day to do valve checks by myself, but only a couple of hours to do a timing belt.