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That U joint is bad at the transfer case, you can clearly see the play in it (at the 2 second time mark), also any time you see red (rust) around a U joint it is likely bad.
I could see that possibility, if the ign. terminal (5A) was back-feeding voltage to the system, but surly by now he has disconnected all the terminals off of the regulator to eliminate that possibility, that was suggested early in this thread.
When it died the first time was it "sudden" as in the engine seemed to seize all of a sudden?
Then when you tried to restart the engine would not turn over (rotate)?
If so it probably did hydro lock and you likely have a bent rod.
Pulling the connector on the regulator would have been the first thing I would have tried.
Disconnecting wire 29A off of the master start switch would have been second.
If you have changed six smart boxes it seems very doubtful it is a smart box.
The only caveat to what Coug said is that if your M1097R1 has a 4 speed and a GVWR of 10K (vs10.3K) it has A1 half shafts, hubs and springs and possibly drive shafts
Dang, another LMM followed me home, this one is a 2007.5 year model
I have not been able to power up the dash yet but I found a receipt where he installed $2400 worth of tires at 279K and the tires look like new so it does have high mileage.
But the engine is just too clean for going on 300K and...
Before you spend allot of money putting lipstick on a PIG, if increasing performance is important then a re-power is cheaper with a much bigger boost in performance.
Look around any old shop or garage and you may find one, air compressor, Oxy/Acetylene regulators etc. (DO NOT return any gauge used with oil to O/A service!)
You can also remove the lead from the sending unit and open/short it to ground, I never can remember which is which because over the...