Yeah, I'm running that right now..
AX-15 Tranny, NP231 t-case, Dana 44 rear and I've run this setup from 5" of lift to my current 6.5" of lift.
I left the t-case output about 1" or so longer than I was supposed to and the slip of the shaft is extended about 75% at static ride height. Fully flexed out, compressed, or fully drooped my shaft never comes apart or extends excessively.
After about 3 years of hard wheeling and 50k miles my t-case output bearing is getting a little sloppy but the t-case is also 7 years old
HOWEVER!! I am using a newer style sealed t-case and the output is longer than the older pre 1996 style so you may have to tailor the output length for your setup depending on the t-case you use.