I thought the spacers that came with the old diff drop gave enough clearance for the stock skid, but I guess I was wrong! Checked the spacers after bolting the front cover down and both freely spun around the bolts; the skid was pressed against the bottom of the diff mounts! Barely had enough of a cutting wheel left on my grinder, but we got it figured out...
The passengers side axle going into the diff looks like it has a minor leak and, like nearly everything I do in life, I found out after the fact that I should've replaced the seals with the axles! Back to Toyota I go!