Well the research I've found on the net and what's been posted here seams that they are good motors but not as good as the 12 valve. I think I may just try to find a older one with low miles again.
I'd say they are just as good, just not as cheap to hop up as the 24 valves.
Your gonna have troubles fiddling a low milage 12 valve I think.
Also, your asking only about the engine. You also need to consider the trans in the trucks as well.
I had the nv4500 (5 speed) in my 98 and never had a problem. My 03 I have the 5600 (6 speed) and its just as strong. I've heard if you bolt on any power adders to the autos, you also have to fork out some cash to beef them up as well.
Both my 98 and 03 are hard on ball joints (but I have 35" tires on both).
I had more problem with the entire front suspension on my 98 the. I have has with my 03. I rebuilt the 03's entire front end over 100k ago and haven't had a problem. I rebuilt the 98's probable 3 times in the 4 years I owned it.
You are seriously limiting yourself if you look souly on the engine as the driving factor in a truck. There are many other options to look out for too.
For me, in a perfect world, I'd grab a 2010 cab and bed (cause I love the new body style) then toss in a built 03 engine (cause its the latest year I can get away without any emissions crap, actually, my 03 didn't even come with any) then mod the 2010 cab to a mega cab.
That's my dream truck.
Do they make Megan's in 2010? I think they might have. Ah heck, I can't remember. Long day.
Rant over. Happy Easter