Second the above.
I use to be a soup guy. Either of the three are fatastic platforms for up to 500 horse.
Its entirley up to the owner which you prefer.
Ive rode in both the 1j and 7m.
My personal vote goes to 7m due to the low end grunt and I love there sound. It makes the driving experience more enjoyable in the grand scheme of things.....more scoot with less RPM's. 400 horse and a awesome power curve is my ideal Z though. So the 7m us just my 0.2. Oh yeah, and they are still dirt cheap to come by JDM. Ha.
I'd like to make two points regaurding what was already said.
7M Headgasket issues where caused by a VERY low factory tourqe setting,,,,and the gasket itself secondly.
And that is a very far off second. Many get by just fine with re-tourquing the factory HG tighter unless they are after big power as the upgrade to a MHG must be done right to seal.
Secondly ALL three L6 toyota's mentioned are famous for being very hard to kill. More so on the 1/2j than the 7m. I believe anything at or above the 500hp mark the 7m's "should" be ballanced, they ARE a older design and a longer stroke. But mostly for 500 horse and below, don't touch it if it aint broke. I can't tell you how many times I've read about "rebuilt" bottom ends runing back into the same trouble shortly after and on the same exact surface. Toyota's factory tollerences(bearing) and quality is fantastic. Most damages occure due to lack of oil or det if anything.