Oh, don't try to do phase measurement at base frequency; the timing jitter will kill you, because you need to depend on edge detection that way. Rather, use an FM modulation on top of that 4 MHz carrier, i.e. transmit F(t)=3D 4 MHz + 20 kHz/second Then the reflection will be at frequency R(t) =3D F(t) - 20 kHz *2* D/c where D is distance, c is speed of light...
Use a regular old RF mixer and the output frequency (low-pass) will be proportional to the distance. You can either detect the (audio) frequency with a PLL (tap the VCO input), or use sample/FFT techniques.