I'm no 4.7 fan boy, but I never really understood the hate for them. For a chain-driven OHC engine they're actually pretty decent. They don't really have any timing issues, however the valve seat and lifter issue is a real thing. Nice thing about the lifter's is when they pop out it doesn't usually do any damage. Valve closes, cylinder misfires.
I honestly think the overheating issue is due to inadequate cooling system design. The radiators in most applications is almost comically small, and the issue is made worse by the inherent problem of sealing an aluminum head to an iron block. If all these issues are taken care of, I actually really like the 4.7's. A WJ with the 4.7 is a (dare I say) sporty thing, for it's time. When the 545RFE is working properly, it actually shifts pretty darn nice. Plus, they sound good!
I'm actually looking for an easy project WJ to use as my next winter beater, but I'm looking for a basic Laredo with the 4.0 and Selec-Trac t-case.