If the top off, window down, 'jeep' feel is your goal; then yes, a 40 is your unit. Is it capable? - absolutely. A south Texas deer lease would be a Sunday stroll for most any LC IMHO. I wish we could get one of my fellow OB posters to come over and share some pics of the 40s hisbfanily has equipped for TX mule deer hunting - I think they would have you scouring the Web for one.
What's available in your price range that meets your expectations is a personal decision; but I've learned with patience (which I seldom exhibit) most reasonable desires can be met. Personally, I think part of the '40 vibe' gets lost after a SBC swap - that little lugging six is ideal for the deep sand south Texas has so much of - but again, that's up to you.