Well, as you guessed it's probably related to the front axle. Unfortunately there are a number of places for a problem like this to manifest itself. Right off the bat I'd ask if you plan to do the work yourself or have it done by a shop. *Pls* don't take it the wrong way, fact is that MOST of the guys here on the board have the bulk of their work done at shops & this is for a HUGE number of very legimate reasons that I won't even begin to discuss. But if it's being done at a shop I'd start by dropping it off and asking them to diagnose it, no shame in that.
Could be a U-joint just as you suspect, might also be a wheel bearing, bent or out-of-balance shaft. Plenty of reasons for this to happen. Let a 4x4 shop take a look at it. Hubs (especially autos), wheel bearings and U-joints can all cause similar sounding/feeling problems. If it's a secondary vehicle and something you play with more than you rely upon then sure, grab tha Factory (NOT the Chilton's, Haynes, or Betty Crocker) manual and start troubleshooting and ruling out what it ISN'T. Some guys enjoy building & fixing their trucks more than they enjoy driving them (I'm a prime example & there are several others here on the board). If that's the case buy some beer and have at it, otherwise let a shop diagnose your problem & then fix it yourself OR let the shop take care of the whole deal. If turning wrenches isn't your bag then don'r take the fun out of owning a Bronco by doing something you don't like. You bought it to enjoy it, try not to forget that.
A bent shaft *could* account for the vibration but you'd have to come up with a reason why/how it was bent in the first place. It may have thrown a balancing weight (and I certainly HOPE that's what it's done) and that will explain it, otherwise look for a dent or scuff that will show you what/where the problem started. Hope I can help.