With the wheels pointed straight ahead and on a level surface. Disconnect drag link from pitman arm. With steering wheel pointed straight ahead remove adjustment lock screw and slide plate out of the way, then adjust slop out with the adjustment screw at the end of the steering box. Make sure you leave a little play. Otherwise the steering will be too tight, and the box will wear too fast.
Get a copy of the 38-40 Ford Service Bulletins, available at most any early Ford V8 Parts vendor. See pages 109-111.
Do you suspect end play in the steering wheel? The worm on the steering shaft has built in bearing race cones, the outer cup on the bottom is adjustable with gasket shims and can be tightened up there if need be. There will be more wear in the center of the worm. Take the weight off it or better yet unhook the drag link. I have taken the play out to the point it would bind at the ends of the lock to lock, have to be careful. With the wheel on there is a lot of mechanical advantage and hard to judge the stress applied. I adjusted the ones I rebuilt without the wheel on. If I get it so tight I can't turn the shaft lock to lock with my fingers I don't figure it's right. Probably be good to have a manual, I don't.