Thank you both for the advice. I hadn't thought of this method and will try this first. I'll probably need an 18"+ crowbar to do this, correct? I have a 12" HD crowbar but I don't know if that will be enough leverage.
BTW, for future people searching this thread I forgot to post up the part# for the bolt, which I found here:
http://www.cherokeeforum.com/f2/leaf-main-eyebolt-size-106814/
Excerpt from that thread:
"The front fixed eye of the rear leaf spring uses an attaching bolt with a hex head which is a available from your friendly Chrysler dealer under part number
34202118 The thread spec. is M 14-2.0 and it is a Class 9.8 hardened fastener. Do not substitue any other fasteners in place of the O.E.M. part, since there are no subsitutes acceptable.
The same part number is used for attaching the shackle end eye of the rear leaf spring to it's respective shackle."