This same sorta thing just recently happened to my 80 El Camino:
[img]http://www.chevyasylum.com/80elky/071303_23r4.jpg[/img]

It turned out to be the rear end. As I understand it the bolt that holds the pinion gear to its shaft backed out and snapped off.

I have another rear end on the way (I'm replacing the 2.73 open with a 3.73 posi.)

The way I verified it was to chock the front wheels, jack up the rear end and spin the rear tires with the tranny in neutral. I still had the noise and the resistance. I knew that it was in the rear end then. I'll know more for sure after I swap the new one in and tear the old one down.

Ray