Let me tell you my experience with getting a high-mileage 1st Gen Tundra. Be prepared to spend a lot in repairs. Mine is a 2005 Limited, bought at 170K miles. Things that had to be done since I bought it a little over two years ago: timing belt and water pump and radiator (~$1200), replace front differential (grenaded, ~$1200), head gasket repair and replace leaking manifolds (~$1500), replace front wheel bearings (~$500), replace LBJ's and tie rods (~$500), replace all worn out suspension components including coilovers and UCA's (~$1200...with nicer stuff of course).
-Kevin
Beside the diffs blowing out and the gaskets leaking, I would expect to replace all those parts on a 200k miles truck anyway so it's not a surprise for OP I'm sure.