the "bind" is just the center limited slip diff resisting. since the V8 is full time 4wd (think heavy duty AWD) it has a torsen style limited slip in the transfer case to allow for on road driving, when in full lock on hard surfaces it'll often skip tires just enough to hear it and or feel it. there is a button to lock the center diff to make it into a conventional part time style 50-50 split transfer case for actual offroad use
Now as for the large amount of debris on the drain plug magnet it could be as simple as the toyota techs not wiping it off when the fluid was changed, all diffs will have some metal shavings substantially more in the first 10k or so miles due to the gears mating but also a lesser amount from wear over time.
Worst case scenario is that the diff is going bad and either the backlash or pinion depth has changed either from damage or improper set up and causing substantial gear teeth or bearing wear. The best course of action is to pull the rear 3rd member out and look at it and turn it by hand. Its very easy to do and will only take an hour or so at most. The hardest part is bleeding the brakes when you put it all back together.