I don't think anything is wrong with your VX, Greg.
Mine too makes a noise in 4L. I'd describe it as a gear whine noise rather than hissing, but they're close enough. Anyway, it's just the sound of the transfer case and low differential. It makes it all the time that I'm in 4L, whether I'm going 5 mph or 45 mph. I don't know much about how other 4x4s sound when in 4L, but my buddy's Trooper does it too (no kidding, huh?).
The VX has locked hubs, so there is no need to to drive backwards - this manouever unlocks the automatic hubs on jeeps and others (including my buddy's Trooper).
The fighting of the stering wheel after shifting out of 4L is called "tight corner steering" and is described and addressed in the owner's manual. After you shift out of 4L, you may experience this if you try to make a tight turn right away, or if make a u-turn right away, as you've indicated. From what I remember, you just need to drive straight a little after shifting out of 4L to avoid the tight corner steering phenomenon.
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