Front axle and drive shaft spinning all the time is better IMO, I hardly ever use my 4WD, and have had to replace u-joints 2 more times on the front than rear.
Basically I am starting front axle dry each time I use it, I am now using 4WD once a month to prevent that also to keep shift motor working, it can go dead after not moving for 8 months(summer), you should have manual transfer case in Level II so that is not an issue.
You hit ice on rear wheel drive car or truck and that's what will happen, the energy in the front tires and wheels keep them rolling; axle, ring/pinion and driveshaft don't weight enough to effect anything IMO, it is just the effect of 70% of vehicle weight on front tires with rear wheel drive.
The tests on Live axle vs Unlocked showed .3MPG difference, so not nothing but..........
Switching to an electric rad fan would probably show better improvement
By lifted I mean a regular 4x4 pick up truck, their ride height makes for less MPG in general, skid plates help but still alot of cavities under a truck to catch air.
And pickups in general have the body aerodynamics of a brick, with a 1/2 brick sitting on top, lol.
And then we have tire size, skinny tires look like crap on a 4x4, but less road friction = better MPG, but also less road friction...............so more skidding on snow or ??, lol
Trucks, and then MPG and ride, are not words that go together in a positive manner
But adding manual hubs is certainly doable and an upgrade, I would also look at limited slip for that change over, much better than Open, but you can feel difference when steering with live axle, so manual hubs would eliminate that except in 4WD