Cherokees are a bit tougher to go cheap cause of the unibody... on my Xterra, I was ale to just stick a few blocks under it and get 2'' of lift to keep my 32s from rubbing.
Since the cherokee is sprung over all around, you'll have to get larger springs, which means you'll need larger shocks to reach. If you're going for something like 32-33s I wouldn't worry too much about new brakes, gearing, etc.