I geuss I am known (berug?

) for being very conservative in these matters.
Here is my take: The petrol Patrols are not thirsty because they have six cylinders rather than 4/8/10/pick a number, they are thirsty because they are in design terms understressed in a lot of aspects, and because they are big and heavy and not terribly earodynamic. The primary aspects in terms of fuel consumption is that they run low compression ratios and their intake/exhaust systems are primaily optimised for low-rev performance.
Unfortunately this is exactly what makes them such killer 4x4's, as it gives them magnificent bottom-end torque (even more than an unblown diesel of similar capacity) and good tolerance to bad fuel and high altitudes. An indication of this is that everybody I know who has converted a Patrol to Lexus-power, has seriously considered lower diff/tansfer case ratios.
They are also relatively simple mechanically, particularly the 4.2, and thus if not incredibly reliable, at least easily maintained and repaired in the bush.
By good application of old-fashioned tuning techniques, such as increasing the compression ratio and gas-flowing the head, re-grinding the cam etc. their efficiency can be considerably improved, as can their power, and if this extra power is left strictly alone, they will be more fuel efficient. However, this will compromise both the bottom end and the reliability. The change to electronic ignition you mentioned is unlikely to improve fuel consumption greatly unless your distributor is worn, in which case it might help. It is worth doing though as it improves driveability and significantly eases engine maintenance.
Therefore, perhaps a turbo-diesel conversion is a better option, in that it delivers the benefit of lower consumption without necessarily suffering from less bottom-end. But there are still risks, we are all very aware of the hand-grenade issue. I do not really have any first-hand experience of diesels, but I have formed a distinct impression that a turbo-diesel needs considerably more carefull maintenance than the 4.2 Petrol. MY main gripe with diesels (an I realize this may seem a bit anal) is the way they sound. Particularly around a lion kill. Because for some reason I have yet to fully understand, it seems to be taboo to switch the flippen things off.
Personally I do not like modifying the motive units of overland vehicles, particularly where such modifications affect the main wiring harness, because almost all the problems I have had have been in those areas, but if it were financially viable I would consider a change to a non-turbo diesel. Maybe. But probably not.
Mag ons ons kenniskry met lekkerkry aanhoukry.