I too thought about a SM420 but I don't think I want to loose 5th gear.  If I was going to swap engines I'd to AX-15 or a NV3550, I think.  The NV4500 is way overkill and is too damn heavy.  I think I'm fine with my AX-5 though, it hasn't let me down.  I rev it up to 5000rpm then shift a lot too.  Honestly, for most trails 60-80:1 is probably a more respectiable range.  Although 100+: make thigns a lot easier.  Especially with a 2.5L.  I know Jason Bunch did pretty good with a 2.72:1 Klune and a 4.3:1 Atlas.  I think that's a really good setup.  I don't really plan on doing anything too hardcore so that's one of the reason why I'm thinking about sticking with something below 180:1 range.
I think price is a big factor.  I don't drive my Jeep offroad as much as I used to and at that point, I was only taking it offroad every few weeks on light to moderate trails.  Nothing over a 2.5.  For some reason, I'm getting a bit tired of my Jeep since it's used as a Daily Driver.  :shock:  I've built it to the point where it it's fun for the short trip or even an occasional long trip (had several 300-700 mile road trips).  It gets tiring when you have to be somewhere on time and want to be comfortable.  I need something else, LOL!
I've got a lot of ideas on what I want, but can't afford that much down time right now.  Although, I do have a garage.