Keep in mind, the FM146 is NOT as strong as the M5OD and will likely die behind a 4.0.
If he has the M5OD transmission, he can just install the 4.0 clutch, flywheel, engine tin, and starter onto his current 2.9 and then he'll be ready for the 4.0 engine when that time comes.
As far as your current transmission, there are several ways to determine what it is.
If it is the original trans, you can just look at the TRANS code on the driver door label. If the code is M, you have the M5OD (Good to Go

). If it is anything else, you need to change the transmission.
You can also tell by looking at the relationship between the transfer case and transmission shift levers. If the levers are nearly side-by-side, you have the FM146. If the Tcase lever is about 5-6 inches rearward of the transmission lever, you have the M5OD.
and you can just look underneath, If the transmission has a removeable pan similar to an automatic, it is the FM146. The M5OD is all one piece.
Hope this helps.
P.S. The 4.0 clutch set is a VAST improvement over the 2.9 clutch. Even if you don't swap engines, get the 4.0 clutch set for your 2.9. You'll be glad you did.
HERE is the TRS Magazine write-up on the clutch swap.