It could just be my car, and the front end may need to be looked at, but the steering does seem really loose, and kind of sloppy. I just kind of chalked it up as, "Well that the 70's for yea!"
Your stock steering box is probably just worn out, though even from the factory they weren't that great. I got a Firm Feel Stage 2 P/S box and have yet to try it out but I'm sure the feel will be much better. Before I could drive with one finger on the wheel spoke. The steering wheels are big, but that's because it was cheaper to make one wheel for both the manual and power cars and it would've been too difficult with a smaller wheel and manual steering.