The difference on a first gen, and other similar TTB Fords, can be felt between 4x2 and 4x4 HI because when 4WD is engaged, the front axle has a slight difference and "pulls" the rear end...which is why these types of 4WD systems need to "slip" and should never be used on dry pavement or on surfaces with plenty of traction, since the front axle will eventually "wind up" and then bind and break if the front wheels never get to slip or break loose.
Without working hubs, and having a front axle that never engages, 4x4 LO is essentially 4x2 LO, just with the transfer case engaged to make it happen. You might still feel a difference just because of the additional drivetrain friction with the transfer case engaged and parts moving around.
You can certainly use 4x4 LO in any vehicle just for the extra torque when pulling someone out. It's usually a better option than trying to do it in 2WD or 4x4 HI.
You should probably get some working used auto hubs, or just convert to manuals.