I just replaced my accumulators and tested the system which does raise and lower. There are still several issues wt the suspension F/R that I need to prioritize. Lets start with the rear.

RR
There is a serious squeak coming from the right side rear. I lubed all the connections and the squeak did stop. After yanking on all the bars there is a little play in a few however the car drives ok although a little harsh (with audible klunking) over rough pavement. Nothing seems serious just annoying. So I decided:
1. Arm replacement kit (L/RT)
1a. Not 100% sure what other bushings should be replaced in tandem and what special tools are required?
2. Should I also replace the rubber on the sls level bar?

FT
There is a hard knock coming from the front of the car and it pulls slightly right when driving. In addition the rt side strut plastic sleeve is broken. Looking around this site i've decided:
1. Replace front struts (best replaced in pairs, ya?)
2. Replace the sway bar brackets/bushings

What should be completed first and what else should be considered before ordering parts? You expertise is greatly appreciated.

Given the age and mileage of the car you are probably going to find that most of the bushings will need to be replaced. Just depends on how much you have to spend. Safety wise I would first start by inspecting your flex discs, tie-rods and ball joints for wear.

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1989 300CE

Rear: the "klunk" noise in the rear end was due to badly worn bolts/bushings in the sway bar link (PN:124-320-04-89-M69). No klunk, no squeaking. Also pressed in new LCA bushings (PN: 220-352-02-27-M69) into the Hub. It rides much better now.

Front: New blistering struts, Sway bar bushings, Steering damper and 4 new tires. The tires helped a lot with the pulling but replacing the steering damper eliminated it. The steering wheel is off center, which is annoying but will address that after an alignment.