Unless parts are disconnected and dragging on the ground, the front end will always "LOOK" ok. Not much special about MBz suspension compared to many others. Inspection will typically require lifting to check for play at each wheel. Grab at 9 and 3 (With respect to an analog clock) and again at 12 and 6. Any play at all, look for where it is coming from. May require a second person to move back and forth slowly and deliberately. Put hand on each joint until you find the play.

To inspect bushings and ball joints you may need a prybar or similar to leverage one part from another. Any play at all is bad.

The wobble you describe is serious. There has to be a component in desperate need of replacement or several that are nearing the end.

Go to a front end shop for a free estimate. Explain you may or may not wish to put money into the car and just want an idea what they could do for you repair wise.

Then decide if you want to tackle it yourself.

Advice: If you have a pro check it out, look it over yourself first, see what you find, then see if they find the same. This could go a long way to building your confidence.

Most repairs you can do yourself, even a basic alignment.

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85 300D 3 pedal. Current project.
83 300TD (need rear wiper assembly dead or alive)
84 300SD Daily driver
85 300TD almost 400k miles and driven daily.
98 E300D *sold
86 300SDL *sold and made flawless 10 hour journey to new home.