if I have my head around your question right then no, it makes no difference gearing wise if the front is the 4.7 or the rear is. There might be a strength reason to have it one way or the other but if you are only running one or the other in low range you will get just the low range from that one. If you are not twin sticked on your rear though you will only have that boxes lowrange in 4wd but you could use the front box's lowrange in 2wd.

like   if you had the front box a 2.28 and 4.7 in the rear you could  use both shifters in combination to get
                                 2.28 2wd low
                                 2.28 4wd low
                                  4.70 4wd low
              or A combined  10.716 4wd double low