Answer to: Is it a 305 OR 350?If the engine hasn't been swapped out you should be able to take the VIN and call your local chevy or GM dealer and they could tell you what is in it.....
Answer to: I have way to much steering wheel playI believe the steering box sounds like your problem if you have a lot of slack. I've adjusted the nut on the back side of the steering box on my old 362 Pete cabover and have never had anymore problems with it. Do like Blackwood said and screw it in and back it off. You will be able to turn it in several turns if this is the problem.