Ok I have been trying to determine if the problem is with the pump or the rack. The car is a new to me 96 850 Turbo with approx. 200k miles. Here is what I have done so far:

Flushed the fluid twice using Mobil 1 full syn - no measureable improvement.

With wheels off ground steering is light and smooth with or w/o car running so I believe the U-joint should be good.

Replaced both control arms in hopes that the ball joints were binding but no improvement - arms needed to be replaced anyway.

No visual leaks anywhere in the steering system.

The pump does not make the typical whining sound you would here if the fluid was low or if the pump was going south.

When turning with wheels on the ground very hard effort in both directions and significant amount of pulsation in the steering wheel and vibration at the pump.

Tried running the engine to around 2K rpms in park to see if the extra pump output would improve steering effort and it was very light and probably near normal although there was more noise and shudder from the pump. Not sure if I can conclude anything for sure other than the rack at least performed OK with the greater output of the pump at the higher rpm.

Does this seem to point more toward the pump and not the rack?

Sounds like a worn pump to me. You should hear the pump try harder when stopped and at idle and trying to turn the wheels. Verify by having someone else at the driver's seat and watching the PS pulley at idle and at 2000 rpm. Make sure it is not slipping due to a worn belt or loose tensioner.
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Keeping it running is better than buying new

Hi Klaus
I did just that and it you can certainly hear it work harder and felt the high vibration when touching it while someone is trying to turn the wheel. I don't think it's slipping as I just replaced the serpentine belt and tensioner was strong and no squealing. I am really leaning towards the pump, much easier change out.
BTW, what does the tensioner tool look like? Is it just a 3/4 drive? I changed it w/o the special tool and it was somewhat challenging.

I just taped a couple of pennies to a 1/2 inch ratchet.
3/4 inch is too big.
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Keeping it running is better than buying new

Ok, great idea. Sometimes you have to be McGiver.