Go with Big Tires, Big tires and a truck as light as the '87 tacoma will beat just about any V8 or V6 in the mud. (I own a big V8 Tundra, so it hurts to admit that) The best offroading truck in my hunting group is a 4 cylinder tacoma on 33 inch BF Goodrich All Terrains.
You will have be a little slower starting off if you don't re-gear the truck though.
Also, a high flow intake wouldn't hurt. But isn't really necessary
EDIT: with the Big tires and light truck, you will kind of skim across mud where the big trucks will sink in
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