stroker, easier, you get to go internal on the motor which is a fun afternoon, and you can make more power and torque than a 318 or stock 350(except LSx). You can keep the aw4 or ax15, and your tcase. The wiring harness stays the same, so that way all your gauges will still work. The cost of a completed vehicle with a running stroker is less than half of what a v8 swap will cost you just to get running, not counting trouble shooting gauges and exhaust and cooling later on.
This comes up about once a week. I looked into both options when I blew the motor in my trail rig. It comes down to time and money. Strokers are quick, easy, and about as much as a reman motor will be, total cost. Mine ran to $1600 running. If I had the money and time, and this may be what goes into my MJ street truck down the road, I would go with a LSx/t56 combo. For a 4x4 you would want maybe a munci 4 speed or a nv4500 backed up to a 383 or so.
if you are on a budget - stroker, cheaper, easier, same/more power than most stock v8's.