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Okay, so I finally took a closer look at the steering components and it looks like the king pin bushings are NOT the culprit of the slack. It's the rag joint and steering box.
I can get a new rag joint, but where/how do I adjust (or tighten) where the shaft goes into the box? I'll keep looking for the procedure around the 'net, but if one of you veterans has some pointers, I'd love to hear 'em.
on top of the box you will see a nut with a threaded stud that has a slot for a screw driver in it. that is where you make the adjustment. loosen the outer nut and while constantly checking the play in the steering wheel turn the center stud down (clockwise) until the play is about 3/4 to 1 inch of play. if you try to take it all out you will destroy the gears in the box. retighten the outer nut while holding the center stud in place and thats it.
Thanks. I'll try that. How about the rag joint? What is a good replacement part? I hear Ford has a plastic one, but what from the HELP section at Pep Boys (etc) will fit the shaft? '71, btw. Is there a common replacement that nobody's talking about? Like, why would LMC NOT have a replacement for the '70-'72?
Go to your local 4x4 shop. They will have a good u-joint style replacement and can do any of the modifications needed to make it work or give you instructions on how to do it yourself. The rag joint for the 70-72 is different from the other years and is hard to find.