I understand the emissions issues. As to the 4bt, from what I've read it can't go in a light duty truck. They were only available in medium duty delivery trucks and construction equipment. But, I have seen a YJ Wrangler running around with one. Saw it at a local car show but never got to talk to the owner. Some guys swear there is a way around the regs but I haven't found one yet.
As to hemi vs 360, the hemi will get better MPG everyday. A stock 360 at least. I have a Hughes HER0814 cam. Adding headers and 1993 mpfi to start. Later I will go to obd2 from a 96-00 and add a Hughes Eddy Airgap efi and sct tune. Or the hemi. The cost of all the parts to upgrade the 360 will nearly be as much as a good used hemi. That's the big question that I don't know the answer to. The magnum maxed out or a hemi, which would be the better one for what I'm using my truck for.