Transfer gear a very likely cause, to check remove the end plate from the rear of the transfer box (5 nuts) then look in the resulting hole, you should be able to see clearly if there is any excess float/backlash between the g/box main shaft and the output gear. I assume you have checked the individual drive flanges @ each outer hub, these can give rather alarming back lash when excessively worn. Obviously the first thing to check is the prop-shaft U/J's and sliding splines. The transfer gear wear was a very common issue prior to the modified ones being fitted.