If everything is properly maintained, there's no reason highway speeds in 4wd with a part time vehicle would do anything bad. Other thoughts on what I've read here, and what I've learned...
*Old Stuff-When I lived in the UP, we would lock the front hubs in October and un-lock em in April or May. no wear problems. With a manual t-case, you can switch in and out of 4wd at ANY speed- all the parts are already moving.
*With newer stuff- Some 90's and early century vehicles had ABS that would not work in 4wd. The merits of ABS is a different discussion, but its worth mentioning.
*On the highway, going mostly straight, even with sweeping turns, 4wd will not do anything adverse vs AWD.
*Where awd is nice over part time is around town- I find myself needing 4/AWD one minute to accelerate through sloppy patches, and then pulling into a well-salted parking lot, where locked 4wd would bind. Makes for a lot of extra shifting.
I think my next tuck will get a multi-mode t-case transplanted. While multi-mode systems seem to be the norm for truck-based SUV, they're still few and far between in Pick-ups, and often option group restricted.