I've run both a 231 and my current 241 Rubicon tcase and for rock crawling/low-speed technical trail crawling the 4:1 of the 241 is definitely the better choice. But if you're not rock crawling and/or doing extremely slow very technical trails, the 4:1 might be a little too low of a ratio. Some things like deep mud, snow, etc. require a higher ratio like the 231 has which creates more wheel speed.
It's also not easy to get a 241 installed, it's not a straight-up bolt-on transfer case. So if you're not on trails where the slowest possible crawling speeds are needed I'd recommend going for the 231 at 1/3 the cost. And the last thing I'd recommend is the Teralow kit. Noisy, doesn't hold up all that well, and new replacement parts are non-existent.