Mhughes, you need to actually get your hands into a 4.0 and work on one .....
The 4.0 camshaft does indeed have a cam drive 'gear' on the back, just like the 2.9 and the 4.0 uses a blank oil pump drive, driven off the cam gear to rotate the oil pump. The 2.9 has this exact same setup to rotate the oil pump AND the distributor shaft. These setups are basically identical (see picture below - 2.9 distributor on the left, 4.0 oil pump drive on the right.) I have installed a 2.9 distributor on a 4.0 on an engine stand, rotated the engine and verified that everything works properly. All you would then have to do is get the ignition wiring harness / control box hooked up to work properly.
Now, are there any advantages ??? Nope - you would have to have a custom made intake to get the clearance for the distributor and mount a carb = $$$$. Then you would have an inefficient setup that wouldn't make as much power or have the driveablity of fuel injection.
Can it be done - definitely - I looked into it a long time ago - wasn't worth it.
Bird