Is anyone familiar with this? I am certain I will need to pull the 3rd member to find out what this is. Any comments before I go elbow deep?

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Howdy! Sounds like you need to drop the rear DS and test the pinion bearing preload by rotating the flange back and forth. You may have to put a lot of torque on it to see if it is creeping in and out of the nosecone of the diff. That's a bad sign if it is. JohnI guess I should state that it only bangs once and then it runs fine. when I stop it does it all over again. One bang and off we go!
The drive shaft has new ujoints as well as plenty of grease in the yoke and joints.
I had an FJ40 that did this. Turned out to be spiders and the shaft thtat were buggered, the ring and pinion were fine. Take off the cover and have a look.