shelbyluv has done a magnum swap in his 86 MJ.
Honestly though, as much work as it would be to do the swap you would be better off selling that and swapping in something else. If you want a V8, an LSx swap is easier.
A simple, plug n pray, swap would be a GM 3.4L. Using your existing manifolds and setup that is. Would not be very difficult to swap to EFI. A 4.0L/stroker swap would be good as well.