The underdrive pulley would be the Crank pulley, and if; an alternator pulley. BASICALLY, you are essentially changing the gears for the devices being driven by your engine in order for the engine to do less work. The underdrive pulley kit replace your stock pulley(s) with larger pulley(s). Less work for your engine (freeing up power lost to parasitic drag) = more work it can do on moving your car. It does not ADD any more HP, just requires less work for the engine. You will need a new serpentine belt too, it will have to be slightly larger. When you buy a pulley kit for your engine, they usually have a part# for which belt to use. If they cannot find a belt, or can't get the slack from backing off a tensioner, then they probably won't make the UD pulley for that motor.
HP is robbed in so many places, that's called parasitic drag; especially an automatic. Auto transmissions eat about 20-30HP, and your accessory pulleys about 3-5 to as high as 12. As stated, you may not notice a difference, they do not make a difference on some vehicles. The ECM doesn't play a role in it, so nothing will change or re-compensate. These jeeps are what? 4800 - 5000 pounds? It may not be noticeable, but still may help with MPG. If you are looking for that "every little bit adds up" kind of mod, then its for you...
A 5.0 Mustang can get an easy 15HP freed up for less than $100, and installed in under one hour. This was a crank pulley, and alternator pulley.
I drove a Dodge avenger with just the UD Crank pulley, and could feel the difference compred to mine.