I'm actually into this job after replacing all u-joints on the front driveshaft to try and track down an unpleasant sound in 4WD. I'd check your chain; if it's able to double back on itself, it's too stretched and needs to be replaced. If it gets enough play in it, it will hang low enough to slap the transfer case housing.
I did replace the chain just in case when I had it open. I’ve posted info on the soundbefore, but here goes again.
It is a grinding-ish sound. Not like trying to put it in gear with the clutch out, but maybe like the edges of gears are just slightly touching.
Here’s when it happens:
While moving and the vehicle is out of gear in neutral.
When the clutch is pushed in and the stick is in gear.
Only in 2WD even in neutral in 4WD it doesn’t happen.
The sound comes from the t-case/transmission area, but hard to really pinpoint.
I have replaced the U-joints, and rebuilt the transfer case. Due to a bad throwout bearing, I also replaced the clutch, friction plate, fly wheel and the throwout bearing.
A transmission mechanic said it could be the transmission, but he wouldn’t bet his money on it.
The vehicle drives great with no there noticeable transmission problems noted.
Any suggestions would be helpful, as the current plan is to drive it until something explodes at which point, even I will be able to tell what the problem is.