The 4.6 32v engine from a lincoln mark VIII has an aluminum block. Usually, when cobra owners build there engines, they use this block since it's a light strong block. The Cobra 4.6 32v engines had a iron block, but the internals were stronger than the lincoln mark VIII engines. So basically, they use the bare lincoln block with the forged internals when they plan to boost it. Lincoln mark VIII's are heavier than the jeep cherokee, even though their engines are pretty light. If they can make a tank of a car haul a$$, even N/A with bolt-ons, a jeep cherokee with this engine would be a rocket. Even though, I'm not sure if you can make it work in a jeep cherokee, unless you get the wiring harness with ECU and make a custom k member. I'm a Ford guy, so I'm a bit biased.
Good luck with the 5.3 swap! Can't wait to see the results.