If you can see the thread with the nut moving, then your pitman arm and tierod are probably bad. You may be able to tighten the nut to see if it will suck up in the tapered slot and cure the wiggling. It has been a while since I have worked on a scout, but it resembles a scout arm.
A few months ago, I overhauled my steering stuff and the cost was not too bad. I did a tre flip to eliminate the drop pitman arm (plus get them up a little higher) and built a tie rod and draglinl out of 1-1/4"x .120 DOM and some bigger tres off ebay for about $150. I did already have a stock pitman arm, that saved a little $$.