I completed the fluid changes last night.
The rear diff fluid looked fairly clean, and had been serviced before at some point. Only a little metal dust on the magnet. The rear cover was pretty beat up, rusty, and had most of a tube of RTV and pieces of an older gasket on it so I decided just to pick up a replacement cover at a local auto parts shop. It was raw steel so I gave it a coat of clean metal primer, and two coats of satin black.
The front diff appeared to have never been serviced in the 160K on the vehicle. The fluid was dark and opaque. The magnet was covered in a thick layer of fuzzy metal shaving, but no metal chunks or chips.
The transfer case fluid looked clean, but the big surprise was about a quart of extra fluid came out when I opened the fill port before draining the case. A little research suggests that I have a bad input shaft seal on the transfer case and ATF from the transmission is making its way in.
I always check the ATF level before I head out to tow (it's on our departure checklist) and have never seen the level drop. I'll keep an eye on it now since the level in the case is where it should be, I'll see how long it takes to loose a quart of ATF.
This may delay me servicing the transmission. I was planning on pumping out all the fluid and doing a full exchange over to the Amsoil Dex VI compatible ATF, but don't want to do that since the transfer case should not get Dex VI in it.
Is this something that should be a top of the list fix, or just service the trans with Dex III Amsoil and keep an eye on the levels until something larger fails in the trans and then get everything rebuilt at once with upgraded parts?