I'm fairly certain the w126 balljoint setup is exactly the same as the w123, correct? If so, the balljoint tool will NOT work out of the box.
I had to modify one of the press tools to do the job on my w123, afterwards it worked just fine.
I own the tool, so I didn't have to go explain to autozone why I went and cut their tool up... I like owning tools vs. renting them because it's more convenient, especially when they have to be modified to get a job done.