05 tacoma 4wd drive train vibration/noise
 

I have been hearing noise at 30-40 mph. I checked wheel bearings. No play at all. Should there be play where the shafts from the front wheels enters the transfer case. I have a lot on the drivers side. i can grab it and shake it. I am having trouble tracking down the source of this noise. I am wondering if that is it.

From where front wheel shafts enter the transfer case? I think you mean the axles enter the front differential. Your front driveshaft would go from the transfercase to the front differential.

Depending on how many miles you have on the truck (14 year old truck, 150k + I am guessing) you are probably due for new CV axles. Any torn boots? The CV's need to be kept in good shape