I just don't think the MJ we know and love would ever have gotten a v8 option. Maybe if it shared the Dak platform (meaning IFS) it really could have happened, but it would likely have continued with the XJ platform. But even then the GC and Dak didn't get the magnum 360 until 98.
don't worry though. When I invent that time machine I'll go back and convince them to make a special edition 98 MJ with the 5.9L and the forever Mopar warranty. How's that for a collectible Jeep