Oh come on chaps, stop trying to scare the **** out of the poor fella, any second hand car you are going to get is going to have issues, all my cars go through what I call the teething phase, all sorts of little niggles and jiggles, but once sorted out, they drive pretty well. And I always factor that cost in when buying one and as said pay up a little more and buy a decent one in the first place. Don't cheap out and buy a banger and then complain its shyte.
If you keep it well maintained and do preventive maintenance rather than wait for crap to break. The run pretty reliably.
The good things about Landies is ( atleast the older ones ) is they are pretty simple to work on and fix on your own, parts are plenty and forums like these make it less painful to own one.
I also think they get an extra bad rap for slipped liners and HGs. They do go, but in majority of the cases there are a ton of other causes that lead to major breakdown.
Biggest of all if you like your Luxury Cruise Liners, nothing beats a Range Rover, having driven new Cayennes, X5s, MLs, GLs, Escalades etc etc Range Rover still comes out on top in drive feel and that Captains deck visibility.
As for what engine, go for the V8 as said before Range Rovers were built with V8s in mind from day one and any other motor does not do it justice, and you will always keep on wondering, how would it be if I would have bought a proper range rover and not this oil burning tractor.
Plus how ****ty it is to open the hood and see BMW Diesel written on your motor !