A jeep probably wasn't cost effecient when it came to replacing a tractor. I had a 51 CJ3A. It was an awesome, fun vehicle, but it wasn't geared as low as a tractor (5:38's in the axles, but it had the 3 speed with a marginally reduced transfercase), it didn't have the weight of a tractor, and simply put, it wasn't built as stout as a tractor. I can't imagine it holding up using implements day in and day out. Some of the lighter stuff maybe, but you could even get a backhoe for one- that is a lot of stress on the frame. How about the shot of the Jeep towing that heavy old car? How long would the frame and drivetrain hold up to that? They had the Dana 44 rear, with two piece axles- a weak design.
Given all of that, and what they jeep coupled with the implements cost, it couldn't have been a good value. If it had, more people would have utilized it.