I JUST got finished with my conversion yesterday. NO GOING BACK!
I towed my '95 YJ to Port Aransas, TX and will spend the week working out the bugs in the sand.
There are a TON of parts, but this can be done, and done well. I bought a 1990 AX-15 and NP-231 transfer case on E-Bay for $800 with about 60K miles on them. I worked on the project for nearly a year, and wasnt in a big rush to get done.
With all of the parts, including some welding work, bead blasting the trans casing and transfer case, etc., I ended up with maybe $1600 in the entire mod.
Just go through the lists when you google the "AX-5 to AX-15 mod" on google, and get one of the comprehensive lists. You use a bell housing out of (I think) a 1998 Dodge Dakota. Chrysler, in their infinite wisdom, put the heavier AX-15 behind the 2.5 liter engine in their small pickup, but put the Peugot "light duty" AX-5 in the 2.5L jeep wrangler.
You use quite a few different parts, but if you are looking to do a straight change-over, without painting your project, etc., you should not have any problems.