Belive me, I'm just a backyard wrench, but that sounds like Piston slap or bad main bearing(s) to me. But, you said oil pressure's good, so that might eliminate the bearing theory. My '96 4.0 has made a similar noise, REAL bad when you first start it, quiets down to a tap while running. It started doing this at around 130k miles, it now has 188k and no change. Aside from the noise, it runs great.
BUT, since I like your Cherokee so much, I think you should give it to me right away, and save yourself the trouble!:sombrero: