Hi Steve, you ask a good question here, and I'd love to have a discussion with you that would really answer all your questions. I say that because I can answer the above questions, but of course you are smart and would probably have even more questions because of my answers!
That said, I'll do my best to address what I hear are your main questions, but the specifics may be a little generic as some changes were made with buttons, etc., especially over different generations.
To answer your direct question specifically, yes, when you lock the center diff, it's the same performance as the part-time system in 4WD.
The Full-time system has a center differential, the only way it can be a true, full-time 4WD. Landcruisers in the US since the 80 series have a similar type of Full-Time 4WD system, a center diff that locks on 4-LO engagement. The Fulltime 4WD system in the 4Runner does not have a 'N' range, it uses a dial that has two positions, 4H and 4L. In the 4Runner, the transmissions have a different designation for the full-time and part-time systems.
The 'part-time' system has what you might think of as a traditional 4WD system, with a lever with 2Hi, 4Hi, N, and 4Lo positions. The part-time system does not have a center diff lock because it does not have a center diff, therefore doesn't need one. Whenever it's in 4WD, it should not be driven on hard surfaces as this could cause front / rear 'driveline windup' where if the front and rear propeller shafts rotate at even slightly different speeds, they will soon cause damage to the transfer case. It would be like driving on hard ground with a rear diff locked all the time - something's going to fail.
Off road capability is identical really if you're thinking about using 4Hi or 4Lo because they're the same. I don't know the 4Lo transfer case ratios from memory, but I know that it's near as makes no difference.
A popular modification by some to the 80 series is to turn it into a part-time system, complete with old-school manual hubs. This is done to improve driveability, not turning all those moving parts effects that to a great degree, and to improve fuel economy, and some think reliability.
I have found that Toyota 4WD systems, especially those with a true 2-speed transfer case, incredibly reliable and messing with them at all will only decrease their reliability.
Hope this answers your questions. Dan.