The reason several of us have asked about the driveline angles is that MANY folks with K5’s have spent a lot of time effort and money chasing other potential possibilities trying to find what they believe is a wine or chatter just as you are describing - the fact that it only occurs at speed and on deceleration is a dead giveaway.
All the internal bearing and shim issues are important but do not dismiss the shaft/joint angles just yet.
Please give us a better picture of what you have as running gear:
What transmission and are you running a range box - and if so what kind ?
Is your 205 a bolt on rear yoke or a slip yoke design ?
How much lift is on this K5 and is the rear all spring, shackle flip, blocks , etc ?
What are the angles of each joint ?
Is there a CV at the case end ?
We can help but we need answers each of these questions - if you don’t know the answers please take pictures and we will go from there.