I have this same problem, and I also thought it was nothing because my
97 tj sport was running fine. The p0301 just would not go away. Last week my converter flange broke loose from the manifold pipe because the flange rotted out. I figured since I have 107,000 miles on the jeep and every part of the exhaust except the converter and the two o2 sensors had been replaced, I might as well replace all of them. After cutting the converter away from the muffler I picked it up to throw it away, and antifreexe started pouring out of the converter. If I were you I would definitely get the compression test done. May save you alot of money later.Jon