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Yeah i came to mind as i've had a few issues with my 205 shifter, like if it wasn't in 4low it would disengage the rear shaft and cause a grinding sound similar to what you describe. But yeah my next idea would be the slip yokes or pinion's not being torqued just right.
Got my sucky steering box replaced with a used one that sucks just slightly less, then went to work on all 76,000 zerks that seem to be on that thing, took it for a spin, and lo-and behold, no grinding. For the first 5 miles or so. Then a little, then a little more, and pretty soon it was back to where it started.
So I said fffigs (may not have actually said such a polite F word), and just took the front shaft off. No grinding whatsoever. I also noted that the slip yoke on that shaft wobbles around like a tilt-o-whirl, so I guess I nailed down the problem. The pinion on the front diff looks okay, so I don't think the floppy ds fubared the pinion bearings (which seems to me like something that could happen, but I don't know.)
Anyway, thanks for helping me nail down the issue. Now I get to drive around with no front driveshaft like a poser until I can afford to get a new one.