OH GEEZE..
OKay first off
you can make good power with a OHV 4.0L.
Yes performance internals are very expensive for the 4.0L
Not as expensize as a complete 5.0L conversion however.
Everyone always says, forget it just go 5.0L. What they dont realize is that $8-15K is the average for a complete 5.0L conversion, assuming you dont cut any corners and rebuild everything.
Now I agree that to a point blowing a bunch of $$$ for pistons, etc in the OHV is a waste, but the OHV 4.0L is an EXCELLENT engine and with the right upgrades it can give a stock/mild 5.0L a run for its $$$.
After you open the intake and exhaust, take care of the cooling system, it's then time to look at the engine itself. Having the heads re-worked is where you will see the big difference with the 4.0L. A camcraft camshaft helps as well, either the 410 (streetable) or 422 (not as streetable)
After you get there you can look to upgrade injectors and fuel pressure and finally fine tune it with a chip and/or computer re-flash.
Of course there is also the supercharger which can make gobs of power on a 4.0L set up properly.
5.0L conversion is nice, that is for sure. The 5.0L drivetrain gives you better options for transmissions, power adders, etc....but there is also something to be said about the amount of time, work, $$$, and knowledge it takes to "just go 5.0L".