I'm not familiar with the '94 and earlier transfer cases, but I do know on the '95 and up you can shift into High at any speed, although most people recommend keeping the speed below 50 MPH. The Control Trac transfer case does not have to switch any gears when going into High or lock the front hubs. The '95 and up do not have hubs, the front wheels are connected permanently (directly) to the front differential throuch CV joints. When the transfer case reacts to being put into 4Auto on '95 & '96 and 4 High on '97 and up, it does it electronically though the use of clutches. The '95 & '96 also have to have the front differential locked in through a vacuum disconnect. The '97 and up do not, the driveshaft is permanently connected to the differential. When the transfer case gets put into 4 wheel drive, the clutches are energized which allow them to grip. On a manual transfer case, you are actually changing gears to enable the front drive shaft so I can imagine you would need to be stopped.
I have shifted my '97 into High at speeds up to 60 MPH with no ill affects nor strange sounds. Rydin Dirtay you live in Phoenix, I work in Phoenix. I'd be happy to give you a demonstration if you don't think it can be done.