The stock steering is never going to feel like r&p, but it can be perform pretty well with a good rebuild and some modifications. The thing to remember is that the steering system is indeed a system. It has several components that can all contribute to lousy feel and response. A good
suspension rebuild with new tie rods and idler arm can make a good bit of difference. Beyond that, if you've got power steering, rebuilding those components is a must. Next would either be a steering box rebuild or a new box from Flaming River. You might also consider a roller bearing kit for the idler arm (from Cobra Automotive), and the Shelby quick steer kit if you've got manual steering. I've heard really good things about both of those.
Here is how I would proceed... first, climb under the car and have someone turn the wheel and watch for spots in the system where there is flex or looseness. I found the bushing on my idler arm was worn and was allowing over an inch of steering wheel movement before wheels started moving. I replaced that bushing with a custom poly bushing and was immediately rewarded with better steering response.
Next, I would adjust the steering box. Consult the Ford manual or a Haynes manual for the procedure. I will say there is the "correct" way and the basic "good enough" way. I chose the latter and haven't had any problems. This also took out another 1/2 inch of steering wheel play. I now have about 3/4 inch of wheel play, which isn't bad at all.
My next project is getting some feel back to the stock power steering system. I've already added the polyurethane rag joint in the steering couple, plus poly bushing throughout the system and
suspension have helped. But I've been planning on adding an adjustable pressure control valve like 66P51GT mentioned. There was an article in Fabulous Fords magazine back in the early '90s (or was it the late '80s?) that showed how to do this. I'm actually surprised no magazine has repeated this since. By all accounts it made a significant difference in the amount of feel added back to the system. Makes me think all those aftermarket
suspension/steering companies are conspiring with the magazines to get us to buy their stuff rather than giving us inexpensive DIY options. Hell, it seems every tech article in Mustang and Fords is nothing but big ad for some company's product.
Anyway, hope this helps a bit...