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have someone turn the wheel back and forth while you look underneath, first look at the pitman arm, if its moving with steering wheel your box is usually fine, next look at the linkage, usually you will see where the movement stops, and the play begins, tie rods and drag links go bad a lot, you can usually get them at a parts store for about $20each but the box is also a common problem. my 86 ranger had about 8inches of play in the steering wheel, touched the tie rod and it fell apart, very dangerous if not fixed
The 94 I had had lots of play in the steering box, I adjusted it and it made a world of difference.
John
Virtually everyone who does this adjustment by feel dramatically overtightens it. The right way is with an inch-lb torque wrench; there is a preload spec (I believe 20 in-lbs higher on center than well off center). It's going to wear quickly and MAY break.
IMO, really, really not worth it. It doesn't work anyway since the preload adjustment assumes teeth retain their shape, but they don't.
Don't TOUCH that adjustment. Determine where the slop is first, and then if it's in your steering box, replace the box.