yes
I have a 4 cylinder 5spd. Since the 2.7 has 4:10 gears its not all that terrible, its actually pretty good. The ride is mostly hurt at speed on the highway 70 to 80 MPH. As far as MPG that has not been hurt to bad either. My rig is a bit haevy due to other "mods" that hurt the MPG way more.
Id say go for it.
I run the COOPER S/Ts and they are awsome great self cleaning and very tough also not to loud. Looks like I will get 30,000+ miles out of them.
I paid $950 for 5 mounted, but that was in Utah not NC, they seem to be a bit more money in the south east. I priced a new set here in GA reciently.
hope that helps.
there are pics in the snorkel thread for the 05+ Tacoma,
{only black single cab}