97 - let me first state that getting gas mileage out of the 2.5/4.0 in this chassis is somewhat futile. I don't even think that the engine(s) themselves are at all economical ..being that I think they develop most of their power (and hence comsume most of their fuel) at lower engine speeds.
You can surely reduce friction/drag. My wife's 99 4.0 5 speed was the first vehicle that I can ever say that actually slowed going down hill in neutral. I had a 15 year commute over the same road. Driving it mostly in my minivan and a Tempo. Same hill approached at the same speeds ..coasting to the bottom. Any other vehicle required brakes to not exceed my max over speed limit limits.
Anyway ...installed synthetics throughout the jeep ...M1 ATF ...M1 diff lube ..and, temporarily M1 lube in the trans (found to be unacceptable shortly there after - misprint in the owners manual) ...and voila~! this "hill test" showed that rolling resistance was reduced.
It didn't do squat for gas mileage. Nor did my $1000 lock out conversion kit from WARN. It did give you "less taxed power that was already being produced anyway" performance/drivability.
With all my efforts, I think that I pushed an almost constant 17.5 mpg for her to an inconsistant 18-19.
Tractor engines - there's just not much you can do with them
That being said, I would do it anyway just for the apparent gains and potential wear reductions.
For your 30RH (aka 904/909/999) I would recommend seeing if you can locate a MOPAR 2 quart deeper pan. I would then get Mola to sell you some +3/+4 spec semisynthetic ATF ...add auxillary cooling and filtration. This is about the last automatic that is simple and can last a lifetime, even under heavy use, if properly cared for. This is what I did on my 02 SE auto. I'm pleased with the performance of Mola's +4 equivalent.
I'd do the diffs with some synthetic offering.