Well I'll be damned. I believe that I have figured out the problem - it appears the air lines running to my diffs were reconnected backwards. I traced the lines and had my wife run the axle lock switch - I was expecting what I thought was the rear compressor to activate, but the compressor with the air line connected to the front activated.
If I had to venture a guess as to how that happened, my prime suspect would be the lift kit installers that the previous owner bought the kit from.
I'm going to re-read the FSM to validate that the behavior I'm seeing on my dashboard lines up with this probable mistake.
Great troubleshooting