I'm about to start replacing the tensioner assy on the 4.7L, but decided to tackle the transfer case shift linkage grommets and switch first. Looked to be easier. Not a lot of clearance in that area! A little DC-4 helped pop the grommets in and the linkage popped right into the grommets. Getting the switch out was simple- threading the new one in the hole took some time. But it's in, and it shifts into 4WD and the light illuminates.

My truck is 12 years old and that's the first time I've had the grommets fail, so that will likely be the last time I accomplish that repair (hopefully).