Undertray
The undertray could stop just short of the axle tube swing & cut out a section around the differential. Then make piece of sheet metal that attaches to the diff. housing & extends forward of the cutout in the undertray. You could make teardrop shaped covers for your axle tubes from sheet metal. Then pick up with the undertray just behind the swing of the housing & axles. Turn up the leading edges of the parts so not to catch air.
Mudflaps
Would extending the mudflaps back to the rocker panels in a teardrop fashion help reduce drag as well as protect your truck? You may try a pliable rubber material that would deflect out of the way when met by an offroad obstacle.
Don
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