is it ok to coat it in grease and stuff it in there so it doesnt fall out??
Yes, please do this. It'll keep the ball in place while you work. I do this all the time when building Crawl boxes.
what is that spring loaded thing in there?? back up light switch?
Bingo!
the farthest back gear in the case. . . .
that's 5th gear and its the weakest gear / usually first gear to go bad.
where can i buy new gears for this case?
Marlin sells them used in good inspected condition for $100. This is for the complete 5th gear set includes the 5th drive gear, its counter gear, the shift hub and a good syncro dog.
or would it be more efficient to just get another tranny? like a W56(they are tougher correct?) how much tougher are they??
If you've already driven around for the G54 and your truck is a '84-'87 carb anyways, then you might as well jus' keep it. The W56 is a bit stronger because it has larger shafts, wider bearings, and wider gears. But you will need to convert both shift rails in your transfercase to use the W56 (early or late models) since the G54 uses the long forward shift style rods. Gotta tear the tcase down about 75% for the job.
BigMike