Everyone has said that the front driveshaft keeps fluid in the axle. Honestly, I don't think it does.
The yoke's use an internal spline on the t-case, and there is an oil seal on the outside of the piece you slip the yoke into. Besides, ever notice how a round seal can leak? Try sealing a spline!
I gasket-goo'd a freeze plug over the front end of the 1350 I'm putting on my 2wd ranger. Not really for oil control, but it's still technically a good front output and didn't want it packed with mud and dirt.
Fluid is cheap (I guess 1350's are cheap too, BUT), I'd just pull the shaft, if it leaks out, seal it up somehow (it won't matter if it's balanced because you'd stay in 2wd) and put new fluid in. But I don't think it'll leak.
*edit:
On a rear driveshaft, where the output on the transmission has an external spline, and the driveshaft has the smooth outer surface. THEN it holds the oil in.