Manual Trans. and Transfer Case Getting Hot

[BuffaloGuy]

When pulling my 5 speed manual tranny and tranfer case get too hot to touch. They both have lots and lots of towing miles on them. I can even hear a little ticking sound when I let off of it. It sound like I've got a bearing going out. They've both got new fluid. New clutch, pilot bushing, new flywheel (single mass). The trans has about 115K and the transfer case came from a wrecker about 30K ago.

I'm thinking that they are both getting tired and I just want to either replace with new or fully rebuild. I plan on having the truck another 200K so I want to do it right.

Any ideas? What's the best way to go?

Thanks