The 3116 and 3126 are both medium duty, "throwaway", engines. They can not stand much abuse or neglect, and once they get weak, you throw them away. Rebuilding either engine is not a good, or economical option. The 3116 actually has a much better reputation than the 3126. Neither are powerhouses, but they can be dependable if they receive regular service as recommended by Cat. Let the oil changes go too long, and neither will last long.
I have had 4 trucks with the 3116, and all had well over 300,000 miles and were running good when I sold them. I do not have any personal experience with the 3126, but do know that a lot of people feel they are kind of "fragile".
Jeff