It will bolt right up, yes. But with the V8 you may have issues with the trans/engine and driveshaft clearances since the grand has a low pinion and the Cherokee is probably a high pinion(unless it's a late 90s XJ which had low pinions). Also the Cherokee Dana 30 has the caster adjustment on the Jeep whereas the Grand has the adjuster on the lower control arm mount at the axle. The caster really isn't a big deal with a lot of people because they have adjustable lower control arms. Also the Grand Cherokee has ABS so the knuckles and shafts from the Cherokee one might need to be swapped out for your ZJ knuckles and ABS shafts, to allow the ABS to work.
Also watch out for the differential covers. If you have a Heavy Duty diff cover on there now, it won't work with the high pinion. The high and low pinion covers are slightly different.
I think I covered all the issues to watch out for.
The High Pinion Cherokee axle offers a few benefits though. Like the Ring and pinion are stronger. The driveshaft goes in at a higher location which gives slightly better ground clearance and better driveline angles for larger lifts.