Got it!
Thanks everybody for all of your help!
Turns out it was a bad rear u joint, but it wasn't loose, turns out it was just the opposite.
I had to drop the rear of the shaft to find out the joint was smooth in one direction and would barely budge in the other.
From the attached pic you can see 3 bearing cups were perfect, but it was nearly seized in the fourth!
I got a new u joint from NAPA (Federal Mogul Precision u joint Part #387 for $21.50 and made in the USA)
Took a few hours of cleaning, cursing, disassembling with cursing, reassembling with cursing, relubing and a final "hell yeah!" when I got it back out on the highway.
So glad to have this fixed. That low pitched rumble was driving me freakin' nuts.
Previous owner had a history of taking the truck to Jiffy Lube. Guessing they missed that inner zerk every time.
Hey nicheel8 sorry I hijacked your thread, but I hope what worked for me will help in your case too!