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This wasnt gettin answered on the transmission board so i thought i'd post it here.
The past couple of times i've drove my 86' F150 4x4 the t-case has been slipping into neutral while driving.(giving me a loud grinding sound and no it works in no gears) until i slam the shifter from 4low back to 2high then it drives again so what could be going on?BTW its a 351w auto if it helps any.
Take a look at the linkage. My 89 Bronco was doing the same thing, and it turned out the rubber grommets on the linkage were shot. Replaced them and everything works fine.
You will probably have to get them from a transmission shop (at least I did here where I live) because the Ford dealer didn't have the right ones.
Cheap and easy fix if that's the problem.