TJ was on the right track, but didn't explain it well. It will work, but there is a big problem. The output shaft of the transfer case is a slip yoke and also acts as the rear oil seal for the transfer case. Assuming you didn't pull the yoke out with the driveshaft it would still fall out without the driveshaft to hold it in place and you dump the oil out of the transfer case.

CJ's and older Jeeps can get by without a rear driveshaft because the yoke is bolted on to the rear of the transfer case and the slip joint is in the drive shaft. Newer Jeeps are set up just like ours.