I have same issue. My truck has a audible metal on metal clunk when I go from drive to reverse. My truck is at 230,000 miles. I bought it around 223,000 miles. It's had the noise since I bought it with 223k miles. I am assuming the play is in the transfer case.
The rear wheel driveshaft seems to be rock solid. I cannot wiggle it by hand: front to back, or spin. I cannot wiggle the U-Joints by hand or with a crow bar. I can however, seem to push the transfer case up and down a slight bit by pushing up on the drive shaft at the transfer case output to rear wheels. I cannot determine if the play is internal to the transfer case or a warn mount. I don't seem to see the transfer case moving so suspect it's internal to the case.
The front driveshaft seems to have quite a bit of play. First, I cannot find any play in the u-joints. I cannot find play in the input to the front diff. However, I can spin the driveshaft a few degrees by hand with ease. Then I can take the output shaft on the transfer case to the front wheels and wiggle it up and down or side to side.
I'm assuming there's bad bearings and possibly more? I'm not too familiar with these or how to rebuild them. I used my go-pro to diagnose w/ wifi to view on my cell phone as I shifted from drive to reverse. Have some clips I could post but think I found the play. Possibly this post is the same issue? Not sure if it will cause issue if I leave as is.