Carefully define what you really want to do with it.
If you're keen to keep up with the hardest of the hardcore, then a Paj is not the best place to start.
If you want a capable 4by for a weekend fun toy, and are happy to NOT be able to drive EVERY track, then keep thinking about your plans.
I look at "typical" mods performed by most 4by enthusiasts - locker, lift and tyres - and there's not many places a Pajero with those mods can't go.
What are your limitations?
Power? The 2.6 can make a lot more than it ever did out of the Mitsubishi factory. Work out how much power you want.
Tyres? Most members here can tell you how to fit 33s. Larger is probably beyond readily available gearing options, so Mitsi may not be your best choice.
Articulation? The rear can be freed up significantly, and with lockers front and rear, it's not as big a limitation. Quite often, a climbing vehicle doesn't have enough weight over the front wheels to articulate anyway - IFS or not.
Breakages? Not sure what to do about gearbox and transfer, but your CVs can be replaced with the V6 units. Lockers front and rear should reduce drivetrain shock, and reduce drivetrain breakages.
FWIW, I saw a yellow shorty Pajero at LCMP, with supercharged 2.6, ARB rear and CIG front lockers. There wasn't much he couldn't drive.
If you believe your Paj will never be enough, I think GQ/Mav shorty would be my next choice.
Good luck,
Scott