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Ummm... something even simpler maybe...
The steering column has two bearings in it. There is a plastic sleeve inside the steering wheel bearing nearest the driver that has a tendency to wear out and/or crack. My wheel also had 1/2" of play. I replaced the whole bearing, voila, no play. In retrospect, I could have pulled the plastic sleeve out and shoved a new one in... It is a major mofo to get the old bearing out... of course you can't buy just the sleeve, only the whole bearing/sleeve assembly. $25
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