Getting ideas on a Project for 87 4runner

[climber87]

Here's the deal...I've finally got a class that allows me to learn more about and work on cars. As a final project we have a fairly open ended project - it has to be auto system ralated. I'm trying to figure out if there's a good project I can do on my 87 4runner. I've got access to a full garage, with lift, tools, engine rebuild stall, lube racks, welding, etc...pretty much anything i could want at at like 3$/hr to use. Its a partner project and we are looking at about 30-40hrs of work.

Any ideas on what a good project would be? I was thinking about either rebuilding my 22re or finding one in a junk yard and rebuilding it - but this is a lot of time and I wouldn't want my truck out of commission for a whole month or two.

Any suggestions are welcome. The stats on the truck are as follows:
5spd transmission
22-RE
just over 135,000 miles

New Parts:
-Shocks (all around-Monroe Sensa-trac, meant to use until I upgrade, but still as good or better than stock)
-new brakes all around
-marlin crawler 1600 clutch

[rocket442]

lock the diffs
http://www.4wdonline.com/A/Diff.locks.html

[tnxjjeeper]

If you are wanting to wheel it, then maybe spend some time fabing bumpers, sliders, ect. With that low of mileage, I would think your drivetrain should be ok, but you never know. Any rust that needs to be repaired?