what size motor do you have? if you have the 4.3 there is a vacum diapram under the battery tray that is not letting it kick out of 4 wheel drive. the problem isn't that it is a 7.00$ part. if you look under the blazer on the drivers side there is a vacum port with three hoses going to it. it will be on the transfer case. if you unhook it and take the lines off and take a socket and pull that part out. that part is what is causeing you no to go back to 2 wheels drive.
I had the same problem with my 84 K5. I just went into reverse for about 20 feet, after I switched it and it works just fine, Im hoping it was a one time only problem