An update:
Finally found a shop I could trust and brought the old girl in. The contributors here have nailed it - all four injectors failed a leak back test, and the fuel pump isnt achieving specified max pressure at the top end. Got all four injectors replaced and going back for a new pump later on.
A quick shout out to Ray from Turbo Engineering (
http://www.turboengineering.com.au/), for anyone living in Melbourne (Aus) I highly recommend him. I'm impressed with his professionalism - he kept me informed of progress all the way, and gave me options for the best-fix. This kind of work isnt cheap no matter where you go to get it done, but after this experience with Ray I'd say he's one of the best at accurately diagnosing diesel engine problem(s!) and therefore at lowest cost and inconvenience to you. Well done.