yes you probably are looking at some front suspension work. The noise is most likely coming from one of the track rods. This is not an easy job and you must have a lift to do it safely. Other "joints" to suspect are ball joints and control arm bushings. Some of these joints require compressing the front spring to R/R. Do not attempt this yourself without expert advice. If one of the front springs decides to leave its post it would most certainly kill anyone that it in its path.
I would have a good indy or MB garage check the joints (BTW - must be done when the car is off the ground) and give estimate. Post back here and lets us know. I basically just rebuilt the front end of my 84 300SD so I may be of some help on $ amount questions