Steering Issue: A fool and his money...?

I picked up the car this morning and as described the exterior is mint, the interior is very good and EVERYTHING works perfectly. The engine is strong, the transmission is smooth, and the car rides well, but...
...there is significant play in the steering with about 2-3 inches of dead space in either direction off the straight ahead. The car still tracks straight as an arrow though.
I've owned many w115, w123, and w124 MB's before and only ever had loose steering on one w123. As I somewhat foggily recall it was bushings and they were in the $400 neighborhood.
What might you think the issue is, and how badly do you think I am going to be punished for foolish bravado?
I had a progressively worsening looseness in one direction. Standard alignments had no affect. Mechanic got rid of it recently by adjusting the toe in I believe. I was shocked that it was gone after that. What I had was not as bad as your symptoms.



