Mike --

It is certainly possible to rebuild the steering rack yourself. But from looking at the literature, it appears to be a complex job, would need special skills, and probably special tools. It may even require special machining.

Several places advertise rebuilt racks at reasonable prices, usually under $300. Look in the classifieds of Rolling, or even some of the Web pages, such as RPR and others. Call around.

Another alternative is to find a good used rack -- but here you always run the risk of buying (and installing) a rack that will give you trouble next month.

Torn boots often lead to rusted and worn inner tie rod ball joints.

The 240's used two racks -- a Camrack, and a ZF rack. They are not identical, so not directly interchangeable. However, if you get a good used rack with the accessory stuff, like mounting clamps, u-bolts, tie rods, etc., you can replace one complete assembly with the other.

(And if you decide to order a rebuilt, the supplier will probably ask which type you now have -- so look at the label.) One has large ends on the bellows (like 1.5") and the other has small ends (the diameter of the tie rod). I don't remember which is which. Rebuilts generally come with new tie rods and boots.

While you're in there, examine the lower steering column u-joint. This might be the time to replace it. In fact, if you do scrounge a used rack, try to get the u-joint with the rack just in case you need it. (A new u-joint costs around $125.)

Don't forget that you'll have to align the front end if you replace steering components.

A final comment -- after it sat for a month, I had fluid leaking from the rack on a high-mileage '83 (with a torn boot). I cleaned out the grunge, lubed it, replaced the boot, and topped it off. It never leaked again. I suspect some dirt got into the seal so it bypassed and leaked. But did no permanent damage. After I cleaned it and exercised the steering, the dirt was gone. You might be just as lucky.