Sounds like you bought a nice car! I don't have any real advise for you, you seem to know your way around cars just fine.
I was gonna throw a "check your flex discs" out there, but with 130K they are probably still fine. Though, when I took mine off, I realized they were pretty cracked, but it was hard to see with the prop shaft on.
Anyway: post some pics! Love to see what you've got. Also, 1" of steering wheel play? You lucky bastard. I'd kill for 1" of play.
I've got way more slop than that. It doesn't bother me that much though it's definitely on the list of things to fix "soon".