This is something to consider when looking at engine choices. The Magnum V-8 engines make their peak HP and TQ at a lower RPM than either the Hemi or LS.
The other thing to look at is your transmission choices. The Hemi or LS can get transmissions that have more options than the Magnum. While the 4 speed automatic behind the Magnum is OK the transmissions behind the Hemi or LS are better.
The new 8 speed behind the Hemi is supposed to be excellent from what I've read. It's on my future mod list.
Good points. My truck has a 545, but I've driven a near identical truck with the 5.7/8speed. That 8 speed has great mechanical advantage/splits, but I've seen one on the ground, and it's not small. I wonder if the OP would be better off with a smaller, less powerful V8 and stock Jeep trans & transfer case.