The Farmall 504 uses a Charlynn torque generator for the PS. It is inside the aluminum housing below the steering wheel.
There are four shafts and three U-joints in that cobbled up steering linkage and they all have to handle the torque output of the torque generator. The u-joints don't last and probably at least one is binding up or not sliding on one of the shafts.
But it sounds like the steering suffered trauma rather than accumulated wear. I guess I would start looking at the worm and sector inside the bolster. After that, you will have to look at the torque generator. Don't know how to test them.
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