You will find that this very question is a touchy topic. There are many opinions, conflicting manufacturer recommendations and sooner or later, someone will tell you "Use XX or it will ruin your transmission."
I can only speak from my personal experience with my CJ and my S-10 Blazer. When I bought my CJ (85 CJ-7 with the 151 4 cyl) it had 80W-90 in the T4. Most information seems to indicate that the Jeep CJs with the T4/T5 came from the factory with 80W-90 gear oil in the transmission. My 1985 S-10 Blazer had the exact same transmission as the CJ, but the factory installed Dexron II ATF (probably to get better fuel economy numbers). The Blazer transmission was a bit louder than the CJ, but I choked it up to the CJ having plenty of other noises to cover a little transmission noise. I tried Dexron III in both transmissions (mainly because Dexron II is no longer available) and both transmissions performed equally, though after changing to ATF in the CJ, the transmission noise became more apparent.
By this time I was working at an auto parts store and received a training on lubricants from a Pennzoil factory rep. The instructor talked about Synchromesh manual transmission fluid and how it had improved lubrication properties over ATF, was compatible with softer metals used as synchronizers in manual transmissions, (some gear oils are not) and was less viscous than gear oil, so it offered the potential for improved cold weather performance and fuel economy.
I decided to give it a shot in both the CJ and the Blazer. In both cases the transmissions were noticeably quieter than with ATF, and shifting was quicker/lighter than with gear oil in the CJ. I did not see a significant increase in fuel economy, but neither the CJ or the Blazer were really built for that. Cold weather shifting was significantly improved over gear oil and no worse than with ATF. I have continued to use the Syncromesh fluid in T4 transmissions and in the T5 when I "upgraded" the CJ.
It is a moot point now as I swapped an SM420 into the CJ and sold the Blazer, but my recommendation is the Synchromesh manual transmission fluid, YMMV.