Steering Linkage
 

Lately I have noticed that my '67 with power steering seems to emit a clunking noise from the left front wheel area when I turn the steering wheel. Also, the steering seems to be a bit more loose than it used to be. Is this a ball joint problem or what? If so, is it difficult to repair? Thanx

It sounds like it could be a ball joint, but I would raise the front end and get a pry bar then try to move the front end parts. If it is a ball joint you should see some play when you try to move the upper or lower control arms, there should not be movement. The upper control arm bushings can also cause the problem you are talking about.
Changing any of these parts will be no problem as long as you have a spring compressor, pickle fork and a BIG HAMMER!

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69 351W Sportsroof deluxe

Have you checked the rubber bushings on the P.S. cylinder to frame bracket? My 67 big block with wide tires used to chew them up pretty regularly and give the symptoms you described. I had to make some new ones out of delrin to solve the problem but a new bushing kit from a Mustang parts vendor should solve your problem.

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67 428 fastback
88 GT