Hi,
Since you said you replaced the hubs, I am assuming you don't have the central axel lock-up system (1st Generation). Everything therefore is mechanical. Don't rely on the 4x4 light in the dash. I’ve lost that before and still had a working 4x4 system. If you’re sure the transfer case is fine then you are transmitting power to the front axel (assuming that the front drive line is in tact). Unless the hubs are not engaging, then you should have 4x4. I would try engaging the T-Case on the street (pavement) and very slowly and gently turn in a circle. You will know immediately if the front end is engaging, as the truck will not want to turn without slipping the front tires (a bucking sensation).
Again, if you’re sure the T-case is fine, then the only other way not to have 4x4 is with broken hubs. Everything is mechanical.
If you do have the central axel disconnect, then your problem probably lies right here. I have heard of the system not engaging fully the slip color (not correct term). I don't have much knowledge here, sorry.
Good Luck
Ron
PS. I have had problems with the New Venture T-Cases and properly setting up the engaging forks. They can be finicky especially on a rebuild. You might check to see that they are actually fully engaging.