I have only ever used the standard diameter discs with the Volvo and they do work fine with no pad overhang if the mounting holes are modified correctly...
From a technical point either increasing the pad area or the disc diameter will increase the effectiveness of the brakes by giving more bite (leaverage). With the normal sized discs and larger pad area, this will put more heat into the disc so vented are worthwhil for racing where you are going to use the brakes alot. I always make sure that after a sprint I use virtually no brakes on the cool down lap to allow the brakes to cool or they will warp the disc.
Given the cost of a spacer kit for the M16 calioers has to be bought and then installed in the calipers vs the cost of a secondhand set of Volvo calipers I would argue that the Volvo work out slightly cheaper. However if you already had good pads for your existing M16 vs buying good pads for the Volvo then costwise the balance tips back to the M16... both are cast iron and relatively heavy so not really much in it there.
With the hilux caliper, it ultimately depends upon the mounting lugs and how close they are to the M16 ones. That is why Volvo are used as they are relative close to the M16 lug spacong and can be easily modified.
Cannot get any photos ATM, as I am virtually bedridden after a back operation and not allowed to bend let alone crawl under cars... I did my original ones by using early mk2 t piece (off the early 2 pipe master cyl cars) and makiking up a couple of very short hard lines that goe from the caluper inlets to the t piece and the standard escort flex line. For the second conversion I did for the rally car (not actually finished yet) Gdub got some custom flex lines that actually have dual outlets at the strut end - so no separate t piece and only 2 simple solid lines to the 2 caliper inlets. I have also seen the dual caliper manifold used as mentioned above an if you are going to rebuild them you can also cross drill the 2 inlets joining them an then out a blank on the lower inlet to use a single solid line...
Don't get me wrong, I have M16's on the motorkha, Autocross and road escorts, but for the race and rally escorts where I need that little extra reliable front brake, I have the standard diameter vented escort discs with volvos.s. the race car has done over 100,000km and a number of sprints and hillclimbs without any front brake issues ever in the last 15 years since it was done. I wish all other mods were so trouble free.... in fact the the only front calipers I ever had issues with were a spaced.M16 and currently a stock M16 with a sticky pisto, but that cold potentially I cur for any older caliper.. the most recent one even cooked the fluid to the point that the pedal dropped to the floor and it burnt the dust seals off while driving sedately on the road... it did however get a pedal back and make it back home 2 hours later and pulling apart and cleaning and replacing the stock bits was quite easy too.
Just my opinion though from my 24 years of playing with escorts.