Personally, if like myself you are a petrol head,go for the 4.6. Stay away from LPG conversions, looking at the number of posts on here with LPG problems they are nothing but trouble (Open can of worms !!).
Irregardless of whether you go for GEMS (Pre '99) or THOR (Post '99), if there are problems, it's with overheating more often than not.
Parts for both engines are easily accessible and reasonably priced but be aware that you are talking about the servicing costs of a conventional 4 cyl engine compared to a V8, e.g. 8 plugs instead of 4, Design wise, both engines are basically identical and perform very well.
When you buy a P38, you are dipping your hand blindfold into one of two pots, one contains ****e the other chocolate. Be sure that you take the car on a good run and get the engine up to temperature, check the coolant for loss and pressure, inspect under the oil filler cap for signs of milky deposits. Check the condition of the oil..is it clean, check for oil leaks around the engine and underneath. The V8 should be as smooth as silk, if it sounds rough...walk away. A good V8 will not burn oil, it may leak a little but they are not "Smokers" An oil leak can usually be easily fixed but oil burners will set you back big bucks and is a sign of serious neglect.
Both the GEMS and THOR are reliable units apart from overheating problems that occur to a small percentage of engines. Despite the occurance of slipped liner syndrome in some engines, it is not something that happens to all V8's, percentage wise it's low. However it's a hard call to make between a blown head gasket and a slipped liner, a head gasket change will cost around £100 as a DIY job...a slipped liner is a major job which can cost £2000+
That said, the V8, 4.6 is some awesome engine and beats the 2.5 diesel hands down both for performance and reliabilty when it's looked after.