You should be able to disconnect/replace the breather tube & route a longer one to wherever you want. Maybe even run it over to the driver side fender, behind the cladding where the cabin air exits. (one way vent) Or even bring it up under the hood, where the front diff vents, though the possibility of clogging would increase with length...
Here's a good article on the subject...http://trucks.about.com/cs/4x4offroa...ad_driving.htm
Also, I would drain/fill the diff a couple times with cheap dino oil, (run it for 10-20 miles to get things warmed up each time) then refill it with the good stuff of your choosing.
In theory, the speed sensors could be damaged by soaking, especially if it's salt water, but if you're experiencing no problems with the TOD, they're probably OK.
Also, all the mechanics of the parking brake (inside the drum) could be a bit corroded.






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