Noticed this thread while trolling, just thought I would chime in with some info from Toyota.
These engines are designed to run 5w30. (Unless you have the dual vvt-i 1gr in the newer fj and 4runner), this means everything is clearanced for 5w-30. Different weights are obviously different viscosities, what that means is different size molecules essentially.
So what happens if you go thicker? Well one example is your main crankshaft bearings, rod bearings and camshaft bearings "float" on a thin film of oil, thicker oil means your oil pump must work much harder to push these larger molecules into the smaller space meant for the 5w30 oil. As gadget said as well, after leaving the truck sit for a cold soak (overnight for example) when you start it back up your oil pump works very hard to push this oil to where it needs to go, just like anything else, usually the harder it is to do, the longer it will take, so as gadget said this leaves vital parts of your engine un-lubricated for longer at initial startup. Not to mention because these molecules are larger you cannot fit as many into the same place, allowing less "cushion" or "float" if you will.
Thinner oil? This is better than thicker but still not a good idea. Its the opposite, now your oil pressure will be lower because the oil is thinner, meaning you also get less "float" or "cushion". Another thing to be aware of is that thinner oil is just that, thinner. So cylinder walls for example, the cross hatch pattern found on cylinder walls is there for a few reasons, one of which is to hold oil for lubrication for the piston, the piston is designed to scrape most of this oil off as it goes up and down so as not to burn oil left on the cylinder walls. Well your piston was designed to scrape off 5w30 not 0w20 for example, so it leaves more oil on the cylinder wall meaning you will burn more. Also anyone that has ever done a dry and wet compression test knows the oil actually helps seal the rings as well, so thinner oil will not seal as well allowing more blowby (this effect is miniscule but is a factor), now you might be thinking "well more blowby means less power" that's right, but only slightly, and the thinner oil actually makes your rotating parasytic loss less, this is why the newer cars are all running it, to get the best gas mileage. But again those engines have been designed to run the thinner oil (tighter clearances).
So in short - it's only recommended you run 5w30 in a 1gr single vvti engine. Whether you want to run synthetic or not is up to you, and oil choice is preference. The only thing that is for sure, is changing your oil should be very Dependant on your driving habits, I drive my truck like I stole it, there for I change the oil every 2-3k miles and it comes out black and smelling like gas.
I just typed this out on my lunch break so hopefully there aren't too many spelling errors