I haven't seen anyone else building adapters, unfortunately. I waited to respond in hopes that someone knew differently.
The original intention of the NP435/4.0 combo was for use in an offroad rig, an Aerostar van in particular. The gas mileage and driveability factors here are really a moot point - I have a NP435 in my Ranger, behind a V8, though and I can pull mid teens out of it. A 4.0 would be not much different and the one in my Explorer is usually down in that range anyway, although high teens are usually what I expect. 1-2-3mpg difference is just not a big deal in the long run. Furthermore, a 4 speed is very much driveable on the highway and those of us who have deep gears and big tires know what to expect there!
Bottom line, is it ideal? No. But it's incredibly strong, and the low first gear is second to none in the old 4 speeds.
The most exciting thing about a small block to 2.8/2.9/4.0 adapter is that you could theoretically run ANY small block pattern transmission behind a V6... that includes some of the really good ones including the C6, E4OD and ZF 5 speed. There would be a lot of custom work required but much less than a V8 swap.