Re: 1988 alpha outdrive
First thing you need to do is
Click Here and download the OEM service manual so you know what is going to be done.
Go to section 4B, it shows the access plugs that get drilled in the housing for plastic plugs. This is how you get to the nut on the top of the steering pivot shaft.
Sounds like the gimbal ring is going to be your problem. When the bolts get loose they wear the aluminum ring quickly. The bolts holding the gimbal ring to the pivot shaft are supposed to be checked for torque yearly, but it seldom gets done.
Personally, I would not drill the access holes, time to pull the engine and the transom shield, and fix it right. Time wise will be about the same compared to drilling and tapping and tinkering with that top nut.