Should be fine with Toyota parts. I agree 327s aren't know for torque. Unless you get one that has decent heads on it, its not going to do much for horsepower either. I used to have one in my Chevelle. It was in the car when I bought it. On the chassis dyno it made 218hp and 250 lbs/ft of torque. Not very impressive numbers. That's after I added a cam, headers, exhaust, intake, 4bbl carb. It had horrible heads on it, smallest valves I've ever seen on a Chevy V8. The car still ran 13.8-14.0 but that was all gear (4.10s with 26" tire) and a relatively light car, it was an weak motor for a V8. It's not a bad engine, just not a torquey one.
I'd say run it if you can. It will still have more torque than a 22r. And it will sound cool too
