Jeff,
I thought about the CV joints, but thought that they would cause an occurrance at a higher rate because of the RPM. You'd expect it once w/ every revolution of the front tire, or so, right? This is happening at a much slower rate. I'll have to check out Low Range this AM & advise. My recollection is that it is happening in Low Range, as well.
For what it's worth, I do feel it in the transfer case lever. Don't know if the vibe/"thunk" would localize that far if it was coming from the front pumpkin. I'll let you know.
Thanks for the ideas.