I haven't done a 4.0 but i have done a few vehicles.
For you, an offenhauser intake for a 4.2 and holley 390cfm four barrel will work great. Thats what i out on my 87 wrangler and the gas mileage and power improved unbelievably. I tried the motorcraft two barrels everyone loves but the 390 holley was bette for gas mileage and performance.
That combination also let me keep all my engine accessories in place and still have an automatic transmission. I also upgraded my distributor using the ford parts, for more reliable spark.
you need to keep your fuel return line in place and use it to help lower the fuel pressure to what a carb uses. You can use a holley adjustable fuel pressure regulator and a t to let the excess pressure return fuel to the tank.
My wrangler would spin 32s all the way across an intersection after those mods.
I tried a weber 34, a weber 32/36, the motorcraft two barrle carbs in two different sizes, and then found that holley forncheap on ebay and dropped that in place. Since the primaries are small, it gets great mileage for normal driving and then when tou floor it and the secondaries open, the power comes in smoothly.
I actually am about to do a carb swap on an old bmw. I am just waiting for the intake to show up in the mail. Alot of people dont like carbs because they are old tech but i enjoy them. I likw fuel injection too but i really loce carbs. The little things about them and working in them are enjoyable to me