Should I keep my power steering

The power steering box can be modded several ways and end up feeling similar to a manual box, but with faster steering.
If the box is in good shape,then the looseness or vagueness is not coming from the box. The looseness you feel with the engine turned off, is the way it works, but you can change that. In any case most of it goes away after the engine is running. Some of it has to be there to operate the valve. If you set it up too tight, you will be chasing the car all over the road.
I agree they are from the factory, over-boosted; this is easy to fix.
But, you'll have to swap the Federal pump out, in favor of a Saginaw. The Federal cannot keep up in fast left/ right maneuvers or when doing figure-8 donuts.
I installed a 13" steering wheel, with a big fat foam rim, and now I'm happy.
Brakes are also over-boosted.... which too is fixable.