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Okay, first, adjusting it yourself is not smart unless you have extremely specific instructions and the proper tools to do it right. The gears are worn, and you're essentially removing the play. If done wrong, you will cause the wear of the gears to continue even faster in which case a rebuild will be needed and you won't be able to re-use your old gears assuming they might still be good at this point.
Now, you might not even be able to adjust the box you have. To check, clean off the top of the box where you will find a port with a small threaded stud. If there are 3 - 4 threads on that stud then you have some adjustment left. If there are no threads then someone has adjusted it before and the gears are trash and the box needs to be rebuilt.
To be honest, when it comes to something as precise as adjusting the steering box...I would suggest pulling the box and sending it off to be rebuilt by one of our members. I can give you that information via PM if you're going to go that route.
Check the rag joint and all the tie rod ends before you blame the steering box. If you have P/S check the valve mounting stud area.
Good advice. Check everything else first before blaming with the box. Hopefully no one "adjusted" it before you got the car and damaged it. If you want to adjust the box, it really needs to be removed from the car and bench adjusted/set up using a 0 - 30 inch pound torque wrench. There is another procedure for adjusting the box while still in the car, but it is a lot more involved than just loosening a nut and turning a screw.
How can you tell if it is the rag joint or the stering box? Does the rag joint need to be visiabily damaged or can I test it somehow?
The float is noticable mostly on the highway.
To test a rag joint simply watch the joint as someone turns the wheels left and right. Watch the column shaft and the shaft after the joint. does one turn before the other or do they turn in unison. That's really all there is...they need to be tight with each other or the problem might be the rag joint.
How can you tell if it is the rag joint or the stering box? Does the rag joint need to be visiabily damaged or can I test it somehow?
The float is noticable mostly on the highway.
PM me if you want, need know type and size of tires, and type of roads driven on, asphault/concrete, and speeds.....
Newer lower profile belted radial tires far out handle these old bias ply steering systems....there is an inherent loose spot in the on center of the control valve, making about a inch of play in the steering wheel rim....
there is NO WAY IN HELL you going to get modern car performance without updating the steering completely....
hense rack conversions, and even Jeep box conversions....