I've already been burned on a dodge 4xre/rh series trans, so my opinion is no ****ing way, but if you don't mind rebuilding it (or possibly just adjusting the bands?) and being real gentle it might hold together.
Put it this way, I ended up getting calls from no fewer than six cummins/auto owners looking to swap to a manual when I had that nv4500 listed on cl. One guy said he was already on his third rebuild and had even put a billet converter, shift kit, etc in it the last time, was tired of it blowing up, though he might have been a tuner/diesel ricer from the sound of it so I am not sure I'd take his repeated tranny explosions into account.
e: here is a rebuild tutorial on the 46re, which is pretty similar to the transmissions in the cummins diesels from what I've been told - they're basically beefed up versions.
http://www.jeepforum.com/forum/f13/46re-tutorial-911009/