"There is one other thing to take a look at...the needle bearings inside the hubs that the stub shaft rides on. Now, this shouldn't change much with a turn, and if you have the axles unlocked, then it's not it going to be it either, but it is worth a look."
Thats what was wrong with mine about 9 months ago. I didn't have the hubs or 4x4 engage. The shop here changed out the needle bearings to what chevy uses (said it lasted longer) and a new left axle. Tried getting just the outboard shaft but Ford only sold it as a hole.
The way it acted with me was I would be driving down the road, it vibrated like a mud grip tire, but as soon as I hit a bump it felt like I was in a paint can shaker. I could pull over and stop, and it was fine again untill I hit another bump.
If it is the wheel/unit bearing (tamato/tamahto), the wheel should be leaning...mine did. Or feel play in the wheel when you jack it up off the ground. Look at the u-joint on the front axles and see if you can wiggle them.
YouTube - U-Joint.MPG