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Power Steering Pump Faulty? 700 1989

The power steering on my '89 740 Turbo Wagon has been getting stiffer and stiffer, especially when doing tight corners. Yesterday I flushed the power steering fluid. The stuff that came out was ugly. I went through three quarts of ATF, topped up the reservoir, and went for a spin. No real change. This morning I dropped a magnet in the reservoir, and immediately it pulled things out of the fluid. So I think I have plenty of metal deposits in my power steering system. But will this solve my problem? Also, I've been through the FAQs here at brickboards.com, and it seems my next line of business may be the power steering pump. Is this good advice? Should I wait a few days for the magnet to do its job, or should I look around for a pump?

Also, how difficult would you rate the installation of a new power steering pump?

Anyone with similar experiences out there that can help?






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