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Well your stock axles are not going to handle the 327. Not knowing what shape the Blazer is in I'd say fix it and sell it and get another 4.0 for it. You were going to need a AX15 with the 4.0 as your AX5 wouldn't have worked.But as others have said it is your Jeep so do it as you will. But I can tell you right now that doing a drivetrain swap isn't cheap or easy.
Well your stock axles are not going to handle the 327. Not knowing what shape the Blazer is in I'd say fix it and sell it and get another 4.0 for it. You were going to need a AX15 with the 4.0 as your AX5 wouldn't have worked.
But as others have said it is your Jeep so do it as you will. But I can tell you right now that doing a drivetrain swap isn't cheap or easy.