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I would guess something in the rear end (ring/pinion and or bearings) that is only loaded in the "coast" position. In other words, under load, everything is fine, but when you let off the gas, the loading changes on the ring and pinion and the bearings and other problems pop up.
I had a similar (but not as bad from the sounds of it) problem in my old beloved '83 Toyota 4WD. Ended up being bad pinion bearings.
Good luck,
Mike
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Mike
1976 Euro 911
3.2 w/10.3 compression & SSIs
22/29 torsions, 22/22 adjustable sways, Carrera brakes
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