OK, I went back and verified my memory with some drawings and reviewed comments by Bill, Ralphie and all. Bill and Ralphie are both correct (is this possible?!), although, from Ford's perspective the rear axle nut torque is a Critical Characteristic, meaning it is very important and can lead to unacceptable failure. So Bill is correct in his statement that this a very important torque. This is actually considered a drivetrain part/responsibility (thank goodness for us chassis guys) because it transmits drive torque and retains the half-shaft, but not the suspension/hubs/brakes/wheels.
At the same time Ralphie is correct in his statement that the axle nut retains the drive axle only. The front and rear hubs are identical part numbers with the difference being the rear axle engaging the hub splines at the rear (not the brake rotor). The hubs are self-contained units in which the rotor bolts to the hub with 3 small screws and the wheel and lugs further retain the brake rotors.
However, loss of torque and this nut could cause the stub shaft to shock load the splines destroying them (or possibly slip out of the splines) and disengage the hub then lose drive/engine braking. If this happens on one side and not the other (or one before the other), then loss of car control is quite possible (whether on or off throttle). And Murphy says it won't be when you are driving in a parking lot. Torque reversal (going from accelerating to braking or vice versa) is most likely when this would happen since constant drive or braking torque will likely "lock" the splines together.
I am not sure if this stub shaft can come all of the way out of the hub so I won't speculate on further issues if it does.
Bottom line...I would check the rear axle nut torque mark alignment every time the wheel is off and at least annually. Topshot's practice of torqueing it before every track event is a very good idea. Sticky tires (Hoosiers and such) along with significantly high HP's were definitely not tested on the program, which may be contributing factors to loss of torque (although sounds like it is happening on non-tracked fairly stock cars as well). Unfortunately, I am not sure why this nut is losing torque, but I was not involved in testing or specifying the design and torque level.
I hope this helps a little...and reinforces that Bill and Ralphie are good guys to give advice on the FGT!
Scott