Don,
2500 is just about right. It can definately be a Laredo without all the fancy doo-dads. I owned an 88 Cherokee Laredo 5-speed with the 4.0 and it didn't have pw, cc, etc.
A 5-speed Laredo is definately more desirable than the slew of automatics, espcially with the 4.0 HO.
The 4.0 is the best motor you can have in a Chero--should easily last 200K. Things to watch for is rust around the rear door handles and under the lower-body cladding. See if the rear wiper works--common failure. Also see if the Clutch slave has been replaced and when. The clutches themselves are fairly stout--I had the original clutch in my 88 when I traded it with 120K on a 91 5 speed Sport, which I then proceeded to put about 130K on (original clutch again). I sold it 4 years ago for 5,200.
Neither Chero had a weak point besides the slaves--which is easy to swap. Only other things I did were brakes, exhaust, and a water pump on the 88(normal replacement items). Snap it up
Almost forgot--make sure the 4WD works there were different types of 4wd--can't recall off the top of my head, but my 91 sport was shift on the fly via a lever right next to the shifter, clutch it (up to 55MOH) yank on lever, release clutch--4 wd engaged. Others I have seen were dash operated.