To me "proper" off-roading is driving there, doing it and driving back home again in the same car - same as with trackdays on the bike - part of the thrill is taking your daily driver to its (or your) limits.
The P38 has excellent axle articulation and on the later cars proper four-wheel TC that'll get you out of situations that would defeat an early 90 or a series Landy without an expert driver (like one wheel at each end in the air simultaneously), P38s are heavy - so not the best cars in deep wet mud, and yes the approach and departure angles are average to say the least - they are still extremely capable off-road cars with the right tyres on - far more so than most luxury SUVs and quite a step forward over a stock classic. They have outstanding traction, so in situations where traction is more important than ultimate ground clearance - you're on to a winner!
Totally agree on this, although without being sure it is reliable (or at least repairable) I would not take it anywhere now... Am I right that even the L322 does not have the ladder frame chassis?