Personally i wouldnt do a cold air intake, they alow more air flow by filtering less. What i would do is a throttle body bore and a good wix filter. I personally went with an ome lift and bilstine 5100. Its all a matter of what you want out of your rig. i only wanted a little boost for 245/75s, stiffer rear springs for towing and a good over all ride.
1995 Cherokee 4.0 Stock(for now)
2002 Grand Cherokee Sport, OME HD lift, Bilstien 5100's, 63mm Bored t-body, IRO 2.5 exaust, 245/75/16 Revo2, Front tow hooks, 4.6L long rod stroker, Factory Jeep brush gaurd