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if they havent been done lately do it... not to expensive and you dont need any exotic tools to do so... if shocks are bad might as well do them while you're at it, wheel bearings also. oreilly's has all the parts for under 400. word of warning though, borrow a press from oreilly's not a friend. if the ball joints are really bad like mine were you MIGHT spread the press.... especially if its a chinese POS. but yeah if that hasent been done and you want a better ride along with tighter steering, shocks tie rods, bearings, balljoints, all help tremendously!
I suggest instead of thinking what it might be. Why not have a friend sit in the drivers seat and crawl under your truck and find out what it is by having the friend turn the wheel back and forth and look for where the play is at. I replaced the tie rod ends on my truck not long ago and it now drives like new. If you do this you will need a front end alignment. Mine is a 86 f 150 as well. parts cost around 150, alignment was 35. good luck.
if they havent been done lately do it... not to expensive and you dont need any exotic tools to do so... if shocks are bad might as well do them while you're at it, wheel bearings also. oreilly's has all the parts for under 400. word of warning though, borrow a press from oreilly's not a friend. if the ball joints are really bad like mine were you MIGHT spread the press.... especially if its a chinese POS. but yeah if that hasent been done and you want a better ride along with tighter steering, shocks tie rods, bearings, balljoints, all help tremendously!