yeah i'd say that a lack of fluid could cause that noise. do you think it ran without fluid for a bit and ruined the chain???
well the reason i'am posting is cause i had this annoying clinging / jingleing , kinda sound... drove me crazy. since the rearend and tranny were good i figured it was the t-case so i bought a np205 rebuild kit and ripped out the thing. only to find that it was in super good shape /forums/images/graemlins/grin.gif, so i didn't rebuild it and just put it back in... it turned out that the noise was a lame little 1/4 thick piece of an old bracket on my 14ff that was just jingleing in the wind...
moral of the story is i thought my t-case had square bearings when i fact it was a lose piece of metal. /forums/images/graemlins/smirk.gif
so maybe you'll luck out and find some hanging steal under there /forums/images/graemlins/thumb.gif.