Sloppy steering could be many things, but at that age and mileage you may be due for balljoints, and almost certainly idler arm bushings if these things have not already been replaced.
Any of the many bits that comprise the steering linkage could also be worn. Any joint with a torn boot is suspect.
Bet you have 'wandering' at speed, and 'darty' steering on rutted roads.
Best of luck.
1986 300E 5-Speed 240k mi.