I went ahead and cleaned the engine, and so far (after a couple of hours driving around today), everything seems OK. Before applying degreaser and washing, I disconnected the negative battery terminal and wrapped the following parts in plastic grocery bags + duct tape:
Battery
Alternator (hard to get to without removing power steering / coolant reservoirs)
Fuse box
Ignition coil
MAF sensor plug (the big electrical connector between the air filter + intake hose)
... and other assorted large/exposed cable connections + electronic devices
After covering these parts with plastic, I used detailing brushes to cover everything with a mixture of 1 part Simple Green degreaser/cleaner to 10 parts water. I used enough that it flowed down over components lower down in the engine bay. I let the cleaner sit for several minutes, and then gently showered it all off with a garden hose nozzle. I repeated this process several times, each time using small brushes to agitate the thicker areas of grease/dirt and scrub in the degreaser.
One problem to note with this particular engine is the recess in the valve cover, where the spark plug boots are inserted. This filled up with water when I hosed everything off, and the water slowly seeped through the seals on the boots, and dripped into the spark plug wells. Fortunately, it seems like the plugs prevented the water from actually getting into the engine, and no problems have resulted (so far). But I did have to take towels and soak up all of the water from around the plugs, which was time consuming and frustrating. In the future, to prevent this, I will just seal this entire part off with plastic + tape.
Anyways, I'm pretty satisfied. The engine still has a lot of grime on parts that were hard to reach with a brush, but it's much cleaner to work in and I can see everything better.