I just did mine. Belt, pump etc had 60K miles on it but was 12 years old. Everything looked like it was in fantastic shape, no leaks, but I sure feel a lot better now having done it.
Just following up as I solved my issue. The threads on the pinch bolt on at the joint between the lower steering shaft and rack had started to strip out a bit, allowing just enough play for the steering to slip one spline at a time, but only with the engine off (i.e. no power steering...
I put it in 4 when going up a grade, towing or not. The pass between Park City and SLC maxes out at 6%, and it pulls just fine. 235K miles on the odometer.
For what it's worth, my V8 is similarly setup to how yours will be built out with skids, bumpers, tires, etc. I flat tow my Baja Bug up and down mountain passes with stock gears no problem. I'm guessing the Baja weighs about 2000 lbs.
The only reason I suspect a new u-joint on the steering shaft could be the issue is that I have a body lift, so the angle is a bit more than it'd be stock. Going to dig into it this weekend hopefully, it's definitely somewhere along the shaft, could be the splines slipping....
I also have the creaking sound on slow speed turning. It seems worse in reverse. I didnt notice it until I replaced the broken steering rack, u-joint, upper and lower control arms. Also one CV axle. I'll let you know if I pinpoint it.
Thanks for the great write up. Got mine out today. My u-joint was toast as well as my rack, so off to the dealer tomorrow to pick up a new shaft then reassemble. Honestly, not as bad a job as I expected.