It should. The 4.0l and 4.2l have identical rear bolt patterns as far as I know. Also consider the fact that a '94 bellhousing is the desirable external slave cylinder, which is a nice swap for '93 and earlier jeeps.
2004 Jeep WJ Grand Cherokee Overland - My DD
1988 Jeep MJ Comanche 4.0L - Dad's
1999 Jeep WJ Grand Cherokee Limited 4.0L - Mom's