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Sounds like your center support bearing for the driveshaft might be the source of your high pitched scraping noise under load. Does it get worse if you have additional weight in the back of the car? This changes the angle of the driveshaft and increases the loading on the center support. If so, then the center support bearing could be the culprit.
As for which bushings, I don't know much about 700's. Does it have trailing arm bushings? Those are the ones most frequently causing problems with driveline alignment issues, saggy rears, and clunky noises coming from the back end of the car on the 200 series cars... My TAB's were shot and I didn't realize it until I replaced the rear end in my car. The new rear had some fresh TAB's installed in it when I got it, and the difference in the ride quality and also the stance of the car was quite dramatic.
billy242
1980 242DL with lots of GT and IPD stuff
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