I decided to rebuild mine when I installed a new AX5 transmission. I bought the rebuild kit with new chain from Novak Adapters. The only reason I did it was because of the bearing noise I could hear. Even with the transfer case in neutral and idling in all 5 forward gears you can hear the sound of the input shaft spinning. The higher the gear, the more pronounced the bearing noise. No banging or clicking, just rotational gear noise. Could also be the old/new transmission making the noise. The thin fluids in both these units don't do a good job of dampening noise. So when I took the NV231J apart, everything inside was pristine. No wear to speak of, no filings, etc. When you consider this transfer case is tough enough for a V8, what's my little 4-banger going to do to it? Especially when mine was never off-roaded. So when it was all said and done, the noise is still there. I'm now thinking it's quite normal. There's no floor insulation and the noise is only noticeable when the oil is hot and you've got your foot into it on a hill or on deceleration. If you drive with a soft-top or the windows down, chances are you don't even hear it.
I'm going to toss some 30W into the NV231J just to experiment. Novak literature does mention that this helps quiet these down.