That's what I'm thinking as well. On the flip side of the coin, it only weighs in at 3,200# with a half tank of gas. I think the key to making my rig work the way I want it to is to keep it light and gear it correctly. That and don't go overboard with the mods.
I had an 87 Cherokee with the four banger and a five speed. 235-75R15 tires. The trick to that one was to drive it like you were mad at it. I used to beat the snot out of it, and it went over 200,000 miles. Again, it was the base model with no options. The Jeep four bangers do very well, you just have to understand what you're driving. You can drive them around at 4 - 5,000 rpm a lot and they don't complain. They sound like they are coming apart, but they never do. Just change the oil and put plugs in them once in awhile.
One of the advantages of going with the 31" tire on the four banger is that the Dana 35 rear end is just fine. Better axles, re-gear, add a limited slip and they will live a long time if you don't hammer them on the rocks or get them to bounce. You could probably put a locker in there and still do OK if you stayed off the skinny pedal when you needed to.