Definitely run the transfer case test NorCal_Chris recommended. That will tell you if the differential inside the transfer case has been properly modified for part time.
The real advantage of full time 4x4 will be seen on dry pavement. Since the transfer case has a differential in it the front and rear tires are not directly coupled together. This allows you to run in full time 4x4 in high traction surfaces without binding up the drive train. In a low traction situation you want to "Loc" the center differential out. This allows full power to be transferred to both front and rear axles.
The disadvantage of full time 4x4 system is if you loose any part of your drive train you will not be able to move. This is the test that was suggested. If a drive-line, u joint, etc breaks (or you unlock a front hub) and you don't have the center diff locked the transfer case will send all the available power to the broken spot and you don't move.
Now, knowing all this. If the transfer case has been modified for part time properly (basically removing the center diff), leaving the hubs locked and running the truck in hiloc will put extreme wear on the drive train when driving on high traction surfaces.
If the transfer case has not been modified you really have nothing to worry about. I would just remove the front manual locking hubs and replace them with stock drive slugs.
I believe there are some for sale over in the classified section.
Yep!
http://coloradok5.com/forums/showthread.php?t=269580
If you find that the case has been modified and you want to go back to full time let us know and we can tell you how to identify what kind of kit was installed.
Cheers,
Rufus