Can't really offer much help in terms of what to look for when buying, (engine wise), besides the usual, but if I was buying another one then there are certain things that I would do asap more as preventive maintinance really. All of which are pretty easy to do even for the more inexperianced home mechanic.
I would reccomend using original main dealer Land Rover parts, as general service items are only a few pence more than patten parts. Beware though, some dealers are sound and staffed by LR enthusiasts. Others are staffed by stuck up bellends.
Buy yourself a Haynes manual.
Change oil & filter.
Change fuel filter and clean out the sediment trap, (located by fuel tank at drivers side on a Disco).
Change air filter and vac out any dust from the airbox, (maybe this is the cause of the black smoke?).
Change all the coolent pipes. Chances are that many of them will be starting to crack. Change the intercooler pipes also.
Whilst doing this, remove the rad and intercooler to flush them both out and check for damage. This is a lot cheaper than having to replace a head gasket and get your head skimmed. Don't forget to plug up the oil cooler pipes when doing this, or it will make a mess of your driveway.
Change all the gearbox / diffs / transfer box oils.
Check for leaks or damage to the sump or diffs.
Grease the UJ's on the props. I didn't untill I suffered prop shaft failure. Even though this happened at about 20mph it still made a hell of a mess. I shudder to think what would have happened at 70mph.
Remove the inlet manifold and give it a dam good clean out, replacing the gasket with a new one. Odds are that the manifold will be gunned up, restricting flow, (and therefore performance and economy), by about 20%.
Engine / running gear wise, that should cover it. All pretty cheap to do and easy to do yourself.
I got mine with just over 120'000 miles on the clock. It's now done nearly 185'000 miles. If I had done the preventive maintinance as described above then I would have saved myself a fair few quid in the long run. It doesn't use any oil or loose any coolent, but I do check both weekly.
I suspect that the main thing to look out for is rust, but you could write a whole bloody book about that!