As others noted, no problems, doing 4lo with hubs disengaged. I pull a loaded tandem/double trailer that way with my 1985 B2 because the clutch/260+k 2.8L engine just can't handle the load on a hill. With 3.45 gears I hit 30 mph in 5th gear. I usually do it to get over the top of a hill at a stop light then on something that is level or downhill, I shift to 2hi.
I did find 5.13 R&P for my Dana 28, so, with 5.13 gears I should be able to avoid that. Not ideal driving that way and it does put some strain on the drive train, but, with common sense nothing is going to blow up.
I had a 1971 F-100 4x4 with a real 390 and NP435 with the single speed Dana 21? When towing heavy and on a hill, sometimes the only way I could get traction was to shift it to 4x4 (1:1 ratio) while in granny low. Sometimes you just have to do what you have to do to get going.