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First of all, get the Bentley manual for the 240 series. It's about $50 and worth every penny.
I bought a rebuilt rack from Jorgen for about $200, installed it last year, and have had no problems with it. As far as gotchas during the replacement, there are a few I ran into.
1) the yoke that connects the rack to the steering column is aluminum, and since the shaft on the rack is steel, you get the disimilar metals thing happening, sometimes resulting in corrosions. This can make getting the yoke off a real bear. It took me about a half hour of prying to get that sucker off. When you do get it off, check the condition of the splines on the yoke. If they're rotted out, replace the yoke. Notice that the pin you had to remove to get the yoke off rides on a flat spot on the rack's shaft. This is important for reassembly.
2) Save the copper washers. No washers came with my rebuilt rack. Normally, I like to replace them, but I didn't in this case.
3) Drain all of the old fluid out of the system. Most likely it's been in there since day 1 and has some junk in it. I poured a quart of trans fluid into the reservoir after I had the rack disconnected, while turning the power steering pump pulley to move it through. Of course, I had to remove the power steering pump belt to do this.
4) While you've got the rack out, put new outer tie rod ends on. Use the old rack and it's tie rod ends as a guide for positioning the new tie rod ends. Unless you're extremely lucky, you will have to take the car in for an alignment after this jobs done. But getting the tie rod ends lined up as close as possible to the old ones will make the differenc between a little shake while you're driving to the alignment shop, and a shake that'll make you think your cars coming apart.
5) Before installing the new rack, you have to make sure the rack is centered. When my rack arrived from Jorgen, the amount of exposed tie rod on either side of the boots was the same. This is NOT centered. Grab the shaft of the rack where the steering column attaches, and turn it until you have the same amount of rack movement on either side. That is, if you can turn the shaft 1.5 turns to the left until it bottoms out, you should be able to turn the shaft 1.5 turns to the right until it bottoms out.
6) After you've got the rack centered, have your dad or someone hop into the car and move the steering wheel to its centered position. If you move the rack near the steering column yoke, you should see that the flat spot on the rack's shaft matches the spot where the yoke's pin goes.
7) Make sure everything is clean, clean, clean. You don't want any crap contaminating the system.
8) After you get the rack mounted up, and hoses reattached, start pouring some trans fluid in the system. Bentley recommends moving the steering wheel back and forth to move the fluid through the system. I also spun the power steering pump by hand to move it (I still had the belt disconnected). Soon, you notice that the fluid level isn't dropping. After you put the power steering pump belt back on, start the engine and watch the fluid level. BEWARE: THE FLUID LEVEL IN THE RESERVOIR CAN EMPTY WITHIN SECONDS. Have your dad sit in the car, moving the steering wheel back and forth, while you monitor the level of the fluid in the reservoir with an open bottle of trans fluid in your hands, ready to pour.
The Bentley manual gives you a step by step for doing this job, and has more detailed information. Read it and a lot of the above junk will become clearer. Good luck.
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