Sounds like your mechanic is doing the routine practice of covering his ignorance with tall tales to keep from working on something unfamiliar.
Yes, there have been a few failures to prompt the "horror stories" but no more so than any other mass-produced engine ever seen in a production vehicle. Consider that the Isuzu 3.2L and 3.5L engines (same basic engine) have been in continuous production since 1992 with over a million units powering a variety of Isuzus worldwide. Domestically we share the same engine with the Trooper, Axiom, Rodeo, and Rodeo Sport/Amigo. Realize also that Isuzu produces the worlds best diesel engines and they use that engineering know-how in their gas engines, meaning they're somewhat overbuilt. Another interesting thing is that Isuzu has never had the need to issue a recall on any of their vehicles in the US. There was a recall affecting the Ascender and it's GM brethren, but the only thing on the Ascender produced by Isuzu is the stickers.
So, the chances of your 3.5L puking is more related to how the previous owner cared for it and how you perform required PM, such as the every-other-oil-change PCV valve replacement. There is potential for a "lemon" block, but the odds are small.
When I bought my second VX off eBay I didn't even blink at the 99,550 miles it had. Why? Because it's an Isuzu. I've high-mileaged every one of the 7 Isuzus owned since 1984 with the exception of my '01 VX by virtue of the fact it's new.
I may seem rather opinionated but I don't voice that opinion unless it's backed by facts, history and experience. Equipment has to earn my respect and admiration, and Isuzu has done that.