It really depends on what you want to do and what you're willing to do with your engine.
If you only want a stock V6 that's going to be Toyota reliable for 200,000+ miles, then a 5VZ is a horrible choice. Low redline, low horsepower, all torque. A 3VZ is better from that standpoint, but then again, it's low horsepower and low torque compared to a 1MZ. Don't forget that cast iron weighs a crapload more than aluminum.. Stock for Stock, the 1MZ (or even 3MZ) is the best choice. It's the lightest and makes the most horsepower.
If you want to run a standalone EMS with cams and some kind of custom forced induction system, then take your pick. the 5VZ/3VZ are kind of pointless unless that's your goal, in my opinion. The Brits use 3VZs because they're a lot easier to come by over there. If they had 1MZs laying around like we do, I'm sure Paul would have used those instead.
All the same, you can get rods/pistons for a 1MZ and, like Tom said, nobody is really pushing enough power through these motors to find the weakness in the aluminum block anyway. If you're out to make 500hp, why not do it with the lighter engine?
Personally, I don't want to cope with the nightmare of all that custom work and tuning right from the start.. My stock 1MZ swap fired up on the first try and only threw one CEL (disconnected vacuum line). Purrs like a kitten, no random ignition problems (*cough*distributors suck*cough), no ghetto-rigged custom crap falling off the engine as I drive it.. no oil lines popping off turbos, etc. I might mod it later on to hit an easy 250wheel horsepower.. and that's probably more than enough.
The 5VZ mad scientist projects are fun to follow along.. but how many of them even run yet? 2 or 3 that we know of? They're a lot of work, a lot of parts, a lot of tuning and are totally unexplored territory. If you want to go down that path, you should consider that very seriously.
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