--------------------------------------------------------------------------------
This is the Ford work shop manual recomended method of adjusting the gear box.
This is the information from the disk from Karnagesystems on ebay.

Steering Gear Meshload Adjustment —XR50 Steering Gear

Special Tool(s) Remover, Steering Arm
211-003 (T64P-3590-F) or equivalent

NOTE: The engine should not be running.

Turn the steering wheel from right lock to left lock at least once.

Remove the driver air bag. For additional information, refer to Section 501-20B .
Raise and support the vehicle. For additional information, refer to Section 100-02 .
Remove the castellated nut.
Remove the cotter pin.
Remove the castellated nut.

Separate the steering sector shaft arm drag link.
Use the Pitman Arm Puller to separate the steering sector shaft arm drag link.

NOTE: The front wheel should not touch the ground.

Lower and support the front of the vehicle. For additional information, refer to Section 100-02 .
Rotate the steering wheel to the left stop and then rotate the steering wheel back approximately 45 degrees.
NOTE: The peak preload torque must be within 0.23-1.13Nm (2-10 lb-in) or a new steering gear must be installed. For additional information, refer to Section 211-02 .

Attach an inch pound torque wrench to the steering wheel bolt and slowly and evenly rotate the steering wheel clockwise 1/2 turn (180 degrees).
Record the peak preload torque.
Rotate the steering wheel to its centered position (approximately 1-1/2 turns from either stop). Place the torque wrench on the steering wheel bolt with the handle in the vertical position. Rotate the torque wrench slowly and evenly 1/4 turn (90 degrees) from each side of center.
Record the peak on-center torque.
NOTE: The on-center torque must be 0.56-1.02 Nm (5-9 lb-in) greater than preload torque without exceeding a total of 1.92 Nm (17 lb-in). The on-center torque minus the preload torque is the meshload torque.

If necessary, carry out the following steps to adjust the on-center torque.
Remove the fan blade assembly and fan shroud. For additional information, refer to Section 303-03 .
NOTE: Rotate the shaft clockwise to increase and counterclockwise to decrease.

Adjust the sector shaft to the correct rotating torque.
Hold the sector shaft and loosen the lock nut.
Adjust the sector shaft.

Verify that the rotating torque is to specification.
Readjust if necessary.
Tighten the lock nut.
Hold the sector shaft.
Tighten the lock nut.

Install the steering sector shaft arm drag link, castellated nut and cotter pin.

Install the fan blade assembly and fan shroud. For additional information, refer to Section 303-03 .
Install the driver air bag. For additional information, refer to Section 501-20B .

 

Hmmmm maybe??

 

This is where I stop.

 

Removing the air bag isnt that dangerous. Just make sure you pull the battery cables off and let it sit for awhile to get all the eletricity out of the systems. I have pulled many of them and i have never had one blow. Just make sure when you get it loose, and your about to pull the wires out to make sure the bag is pointing away from you, just in case something goes wrong.

 

I pulled mine when I did the steering box adjustment. I had to do the adjustment correctly because I bought into the talk of adjusting the lash to remedy sloppy steering and then ended up with a tight steering wheel but a truck that still had sloppy steering. I finally fixed my front end parts and then correctly adjusted the steering box lash back to what it should be. Lesson learned? That the steering box shouldn't need any adjustment. If you have sloppy steering it probably isn't the steering box lash.

Like John said, disconnect the battery cables and let the truck sit. It might also help to turn the headlight switch to the on position to drain the truck of any remaining electricity before attempting to unhook the airbag.