Steering wheel play

There is an adjustment on the rack. It's on the bottom side of the point where the steering shaft connects. You can see there is a large locknut. If you loosen this, and you might want to put a mark where it is aligned originally, you can tighten it up some. Try a little at a time to see where you are. Do not put much force on it - just use enough pressure to snug it up some. That might take out some play. There is also the possibility that there is wear that, when tightened up, may make it too stiff at the extreme edges of the turning radius.

It's worth a try. I've replaced a rack on my '92 LX and it wasn't too bad. The cobras are set up similarly.

Good luck.....

replacing the rack is easy and cheap

It usually isn't the rack, the tie rods, the shaft or any of that.

I had this problem in my 96 Cobra. Take the bolt out that connects the steering shaft to the column. Then pull the carpet back and it reveals two 11mm nuts that hold a bearing in that the steering shaft runs through. This bearing broke and fell out of my car. I installed a new one, and my steering is tight like it should be. Everything can be changed inside the car, no getting underneath. I tried to install a used one from my yard, but EVERY SINGLE Mustang had this problem, or they were froze up.