It is a rather simple answer, take the truck an rebuild the engine. If done correctly, the 3.0 can be just about as reliable as the 22r(e). The 2 main issues w/the 3.0 are HG and burnt exhaust valves, both of which are easily fixed.

You should be able to rebuild the engine for about $1k(parts/head rebuild, you will also need a new knock sensor and KS wire, and should get the injectors cleaned), providing the block and crank are in good condition. If you can't/don't want to do the work yourself, it will cost you about $1500 more to have it rebuilt, about the same as buying a new/rebuilt one. You can get a complete rebuild kit from Eb([url=http://www.engnbldr.com/toyota_30_v6.htm]Enginebuilders[/ur).

So far running a set of downey headers seems to fix the burnt exhaust valve issue w/the 5&6 exhaust valves, and will run you about $700 for the headers/exhaust. So basically your free truck woul run you about $1700-2k to fix. Check around and see what a clean 3rd gen v6 is going for and decide from there.

If you have experience working on vehicle, the 3.0 isn't that difficult, just time consuming to remove and tag and map where it goes for re-installation, granted it isn't as easy as the 22r(e), but it isn't rocket science either, and the V6 rig for rig has more usable power than the 22re does.

The 22re swap isn't all that difficult if you have a donor rig, but if you don't, the swap could run you the same as rebuilding the 3.0 w/headers.

What model is it, and what is the model of the LC