the 4.6 is a great engine but in a tundra it's under powered, also every 90,000 it's due a timing belt which gets expensive. as has been said mileage is the same
the 5.7 can be had with 4:10 gears, all with the towing package have 4:30s, non towing package are 4:10. compared to these later model trucks yes they are worse on gas but they are the most reliable 1/2 ton out there period.
the big thing they lack is a rear locker, the traction control sucks.
The 4.6 does not have a belt that needs changed, it has the chain. The previous version, the 4.7 had a belt.
https://toyota.custhelp.com/app/answers/detail/a_id/7690/~/does-my-vehicle-have-a-timing-belt-or-timing-chain%3F
The 4.6 has 310 hp @ 5600 rpm; 327 lb.-ft. @ 3400 rpm.
My 2001 Tundra had 245 @ 4800 RPM 315
3400 rpm and it felt like it had enough power for me. I never tow but if I had a full ton of wood pellets in the bed it still pulled hard. The rear leaf springs would be maxed out though, the first generation had poor springs/payload.
My current 2018 4runner is a V6 and it has 270 hp @ 5600 rpm 278 ft-lbs. @ 4400 rpm. It really needs more low end torque. My old 4.7 felt like it had twice the torque.
I test drove the 4.6 when I was deciding on the 4runner/Tundra last year. The 4.6 seemed to have the edge on the 4.7. So the engine was fine for me, but I picked the 4runner as a better dog hauler/hunting rig. If I would get a Tundra, I would get the 4.6 because the 4.7 was always competent for 180,000 miles.