I believe Ive found the answer to this through googling, but I figure I should check just in case.

There is play in my steering wheel, i.e. I can turn it an inch or two in either direction before the wheels actually start turning. With the hood up and rotating the wheel through the drivers window, I can see that the "play" is in the shaft that goes from the steering box to the steering wheel. What I mean is, when the wheel turns the shaft turns, but it is not "activating" the box until I go more than an inch or two.

Adjusting the allen screw in the locknut on the steering box is the remedy for this situation, correct?

 

Yes, but at some point the steering box will need replace / rebuild. I adjusted mine and it is very stable.

 

Ok cool, thanks!

My power steering system looks like it is leaking pretty bad, but it feels ok when driving. What are the symptoms that necessitate a rebuild?

 

When it won't adjust any more, you get to the limit of adjustment. Plus the box itself has a seals in several directions, including the bottom. It is automatic transmission fluid in there, not power steering fluid. Some people toss in a bottle of transmission fix, like Lucas; or use high miles transmission fluid.

 

Ah ok. So if that allen screw is all the way down and there is still slop, time for rebuild/replace?

 

I tried adjusting mine and it did nothing to take out the slop...it just made the steering heavier. Likely my play is coming from somewhere else so I backed out the adjuster again.

Best thing to do is have someone turn your wheel while you look at everything from below. Look at all your steering links and what not. It could be a combination of everything being a little loose. Good luck!