With that amount of play in the steering wheel, I'd say you have a dangerous condition.
I'd jack the front end up. Check the tie rods and tie rod ends, and the U-joints in the steering column. If those are tight, then you might as well do ball joints and cone bushings. They're super cheap, and easy to do. The rear strut rod bushings last seemingly forever.
With the ball joints off, it's a good time to do struts, IMHO. :-)
-Ryan
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Athens, Ohio 1987 245 DL 314k, Dog-mobile 1990 245 DL 134k M47, E-codes, GT Sway Bars, GT Braces 1991 745 GL 300k, Regina, 23/21mm Turbo Sway Bars
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