I suspect you are right - it happens on deceleration because the load on the gears is coming from a different direction - that is on acceleration power is coming from the engine to drive the wheels where on deceleration power is coming from the wheels to drive the engine.
Before buying anything further I would drain the IRD oil and check for metal and pull the pinion out and check it out. Then you can decide what to do.
Pinion rebuild kit or bite the bullet and get a new or second hand IRD - TRS in Adelaide is a good start. A few years ago new IRDs were $1800 from Landrover and good second hand ones were $1000-$1200.
Oh is the noise coming from the IRD or the rear diff? Sometimes the diff can take the hit when the VC goes.
I would not drive the car with the rear drive connected until you sort the issue.
Good luck
Garry


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