I had over half a million kilometers on my 7M-GE. The guy who bought it from me put in a new timing belt and valve stem seals, and dropped it into a Mk2. Factory head gasket, factory head bolts, torqued to 72 ft-lbs.
During the time that I've been driving a 7M powered Supra (About 14 years), I've had 4 blown head gaskets. Not one of them was a 7M. 3 engines spun bearings and developed knock. One of them was a 7M. One cracked something and died a horrible death. (My wife is very hard on cars, I'm not sure why, but she's NOT driving my Supra.
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I put a lot of kilometers on the 7M that spun a bearing. I got the engine with a BHG, and didn't replace the bearings. I put in a gasket set, including an OEM head gasket held together with ARP studs, but never touched the bottom end. The years of sitting took its toll and a couple years later, the bearings were gone. They actually went for longer than I think that they should have.
It is my opinion that the 7M gets an undeserved bad reputation. I believe that it is no worse for blown head gaskets than many other engines of a similar vintage with a cast iron block and aluminum head, and by my own experience, is actually far less likely to have a blown head gasket than many other makes' engines. (One of the engines that I mention above had it's SECOND blown head gasket (MHG, properly torqued, head warped) by the time that it's total mileage was at about what I put on my Supra (on average at the time) in 2 years.
I believe that the 7M, like any motor driven with high performance expectations is an unforgiving bitch who will snap at you for the slightest lack of attention to detail. The A70 chassis seems to conspire to get her to bite you, too.
For every "Oh look I installed a 1JZ/2JZ/1UZ/SB V8 and it solved my problem" I'll look at the build thread, and it includes a new radiator, water pumps, fuel injectors, usually turbos and general support parts making the whole build like a brand new car. Think about it. If the 7M were blowing head gaskets while crazy while these cars were still under warranty, (And had new radiators, pumps, turbos and general support parts) Toyota WOULD HAVE done something, particularly if the '87-'88 ones were doing so by 1990, while they were still building them new. The Supra was their flagship sports car after all, and at the time, they were still serious about it.
Is the JZ block tougher? Probably. Is it tough enough to survive 20 years of minimal maintenance? I wouldn't bet on it.