I just don't see how a new bearing will fix play in your steering wheel. If anything, bad bearing would make it harder to turn, thus having LESS play than before. While I'm sure our cars could all use a new column bearing by now, I don't believe it is what causes the play.
From my experiences, it's always been the rag joint that goes bad. I believe the 03/04 Cobra shafts eliminate that rag joint which is why they have less play.