I'd look into the above mentioned front subframe for sure. Actually reinforcing the whole uniframe would probably be in order for race-level speeds/bumps. What type of IFS truck has the most aftermarket support/has the best rep for Baja type racing? Whatever truck that is, build the subframe to accomodate that suspension. As in, if Toyota (for example) is the best front sus. system for going fast in the desert, set up the XJ to accept Toyota parts - avoid having to make one-off custom pieces that may or may not work well. I'd also second the idea of going 2wd w/ rear locker, the IFS swap will be complex enough without having to work in a front driveline.
An IFS, 2wd XJ (with appropriate speed/motor mods), would be a hell of a lot of fun to see in a race.