No TC drop but it did cross my mind. I really wouldn't want to do it unless I had one of those slick belly crossmember / skidplates with a built in 1" drop or something.
But...
I was almost sure its the DS because I've been driving around with it disconnected (the clunk would occassionally appear, even in 2wd and with hubs... ) so I wanted to be sure it was the DS. But tonight I had the same clunk with the DS disco'd. Damn - this sucks. So now my next guess is possibly the passenger side wheel bearings or a bad hub? (pulled it and it looked fine), but I'm really not sure. Might replace them since I'll have the axle apart in the next two weekends.
It is definitely drivetrain and not suspension. That I am certain.