1995 Toyota Tercel help!

I have this 95 tercel and I was driving it down the freeway yesterday and it started making a horrific noise from under the front end it sounds like a bearing is going out but its not the hub bearing I have checked these as well as I have replaced the cv axles about a month and a half ago they were making wierd noises when I turned but that fixed that problem when I drove the car every once in a while the car would miss going down the freeway during normal operation just felt a slight tug back and that was it so I didnt worry about it but now there is a whining and a grinding noise coming from the front right beneath my feet it seems the engine runs fine the transmission shifts fine I am not sure what to think I jack up the car and look under it thinking that from that noise surely there is visible signs of damage but nothing I feel the wheel hubs and they are not hot I take apart the wheel take the cv out and inspect the insides of the bearings they look good nothing out of the ordinary I do not know enough about front wheel drive but I suspect its that transfercase? Its looks as though it is built into the transmission but it has a seperate oil resevoir with seperate fill and drain plugs could this be whats making the noise again now its making funky grinding and clanking noises at 0-15 mph and then it turns to a whining noise then when you get up to 70 and apply steady pressure on the gas nothing but as soon as you let off the accelerator boom its like you are holdinng a piece of iron to a bench grinder sounds identical and there is no sign of anything coming apart on any of the hub bearings no play or nothing all suspension parts are solid I tried prying the tire and feeling all the components nothing gave a titch so I am confused here I dont no whether to drive it till the problem presents itself or park it and replace the tranny either way I need a course of action soon as this is my daily driver