Personally, I'd stick a single holset on the 4.0, but I might be a little biased towards holsets.
I don't know the 4.0 well, but I'd probably go with dished forged pistons, head studs, improved rods, a little porting and polishing, holset/fmic, 50 lb/hr injectors, and maybe a cam. I don't think I'd bother with o-ringing or lightening the assembly. Obviously you'll have to do something different with the headers/exhaust. If you can fab and tune, you can do it for a lot less than 6k.
I don't know the 4.0 well, but I'd probably go with dished forged pistons, head studs, improved rods, a little porting and polishing, holset/fmic, 50 lb/hr injectors, and maybe a cam. I don't think I'd bother with o-ringing or lightening the assembly. Obviously you'll have to do something different with the headers/exhaust. If you can fab and tune, you can do it for a lot less than 6k.