I Just pulled the heads off a 3.7 motor to check if they were blown. Turned out to be death by gunk. (Thanks previous owner!)
From what I saw in disassembly I don't believe the wedge tool will work well. I used a wedge tool changing the cam phaser on a 5.4 ford, I'm familiar with how it works, I just don't think it will help much in the 3.7 V6.
If you have a 3.7 you can look at the pictures of my disassembly to see what you are facing. HERE
http://www.jeepkj.com/forum/f196/3-7-oil-crud-probelm-59229/index15.html
The first few pictures show the timing cover off and how involved all the gears and guides are. Some of my pictures didn't come out, but you can get an idea of whats there.
If you're working on a 3.7 I can get specific pictures when I get home tonight if there is something you'd like to look at so you'll know what disassembly will be like.
To get the Cylinderhead off aside from the 8 main 15mm bolts under the valve cover you'd expect you have to get two small 10mm bolts inside the front part of the housing, to get to them you have to remove the timing guides which you really need the timing cover off to get to correctly. There is also a hydraulic tensioner for the timing chain you need to get to as well.
But to get the timing cover off you'll need two special tools, well three. First is a tool to get the bolt off the harmonic balance, might be a able to cheat on this, I as able to get mine off without it because the motor was pulled. The next tool is a three prong gear puller to pull the balancer since it does not have the standard bolts holes for a puller to attach to like older jeeps, my standard craftsman gear puller really didn't have the reach to puller it in one go again I was able to cheat because the motor was sitting in my garage.
The next probably more useful is a tool to lock the all the timing in place so you can take it apart. I don't have the part number for these tool but can find them if it'd help. I didn't bother with this tool because if the motor is rebuilt it's going to have to be pulled a part, cleaned and done from scratch.
I'm no expert so somebody may be able to tell you better, just from what I saw I don't think it'll work with just a wedge tool. It would be so much simpler if it could be used.
For the 3.7 v6 depending on the cost you're looking at it might be better to swap the motor out. Rebuilt Cylinderheads were pretty pricey when i priced them out a few months ago.
BTW IMO this is a doable job for most back yard mechanics it is just more involved than most motors.