Looking at buying a '94 Cherokee

I have the chance to buy a '94 Cherokee 4-door, 4x4, 4.0HO, Auto, Teraflex 4" lift, 33" AT MT's (for under 2 grand).

The only problems I can find are this: transfer case has a hole in it, apparently from the chain rubbing against it (its a perfectly rectangular hole right by the chain), the PS pump very slowly drips from the low pressure side, and the front tires rub against the metal arms that come back from the suspension (I don't know what those are called), wider rims with a deeper cup should solve that issue.

I looked at the T-Case label and it shows " 231 J " and it's a 2.72. What should I look for as a replacement? A NP? A NV?

Well I guess I'll offer what help I can. The metal arms you are describing are the lower control arms. The transfercase is an NP231. The 2.72 marking is its low range ratio and the J means it is the Jeep version of this trnasfer case. My understanding of the NV/NP thing is that they are really the same, the company just changed its name from New Process to New Venture at some point. The easiest thing to do for the transfercase would probably be to replace it with another NP231 from a junkyard cherokee. Hope this helps a little.

Thanks for the reply, yeah, it helps.