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I recently purchased a 1967 coupe and under certain circumstances the steering wanders - notably at speeds above 75 mph when the road surface is a little rough and if I hit a bump on a windy road. The free play in the steering wheel seems typical for this year car, and is about 3/4 inch side to side when the car is at rest.
On my '65 there is an adjustment bolt right on top of the steering box. What you want to do is take an open end or crescent wrench and loosen the nut at the base of the bolt. With the nut loose, turn the bolt a 1/4 turn clockwise, then check the steering play. It shouldn't take much of a turn to begin to see a difference. Be sure to snug the locking nut up when you've made enough of an adjustment. This was one of the more simpler, immediate adjustments that you can feel over and over again. You'll notice a big difference when you're rollin' down the road.
There is a nice article on the Corvette FAQ site on the proper method and sequence of adjusting the steering box in the car as opposed to the Shop Manual procedure which requires disconnecting the pitman arm.