The 4.7 would be cool, I have been thinking about an engine swap on my 1994 as well and I would suggest the 1UZFE 4.0 lexus V8. Its all aluminum and puts out about the same ponnies as the 4.7 but weighs less. Being a lexus still makes it a toyota as well, if that matters to you. It does to me....
Just food for thought. Let us know what direction you go. PIC to please when you start the process.