If you go with the Toyota, you'll have to have your rear driveline re-done to mate up to the round flange on the Toy axle. Don't know if you can get replacement yokes for the Toy axle like you can for the 8.8 to adapt to a 1310 u-joint. Also, lug pattern is going to be funky (6 on 5.5 for the toyota vs 5 on 4.5 for the 8.8). Toyota uses metric brakline fittings, so you will have to have a custom rear brakeline made up with a metric fitting on one end and a standard fitting on the other. No factory disc brakes on any toyota 8" I've seen, some later model ones may have them, hard to say for sure, I've never looked. 8.8 is an advantage there too since you can get them with discs from a 95-up explorer. The Toy axle is going to be just as much work to swap in as the 8.8, if not more... and you'll have those drawbacks above as well (the lug pattern would be the big one for me).
And the worst thing about the Toyota rear axle? It's from a Toyota! Duh! :flipoff: