Oh, I also forgot that the engine mounts will also have to be removed and replaced. That's going to involve cutting them off the frame and welding new ones on.
As for if it would be cheaper, it all depends. If you don't know what matches in transmissions and such, then you could easily make it into a money pit. Drop in a complete drivetrain that only needs an adapter for the transfer case and it could be cheap. Although, you'd be better off buying a wrech then take the parts you want and sell off all of the other stuff. Then you'd probably recoupe a lot of what you invested.
The other thing to think about is weight. The 4.0L is a beast. I believe it's heavier then a V8. Some people run NV4500's but those things weigh in at 200llbs alone. Then you'd still probably want to reconsider the Dana 35C in the back...
Lots of stuff to consider.