Don't forget the front diff, it's just as important. If you get serious about it, instead of using fuel line & unions, use the plastic tubing that is used for running water line to the refrigerator icemaker (readily available and inexpensive at Home Depot) and swap in
Parker Prestlocks instead of the Toyota unions. Another one I have seen is using the same fittings, but using ARB (blue) air hose... that way if you blow an ARB line you already have a spare running to the diff's and you can easily swap it.
Mine are routed to the airbox (I have a snorkel), the airbox ends came from HD as well and are cheapo plastic Prestlocks like this:
Again, if you are serious, also do the transmission (1 for ATM or MTM) and transfer case (2 outlets teed into 1 line) breathers.
I have been more submerged than this (those are 35's) in rivers and had no water intrusion into the diffs or gearboxes through the breathers... although mud will quickly destroy seals and cause intrusion.
Also, if anyone is serious about water crossing, there is more to waterproof than just breathers. Pack any low/exposed connectors full of dielectric grease. Silicone sealer is not recommended for connectors because condensation can form in the connector & accelerate corrosion.
Mark Whatley has a good series of articles on water crossing techniques:
Part I
Part II
Part III