I have some steering slop so I had a friend work the steering wheel back and forth. I noticed the drivers side of my track bar has a good amount of play. The play is not side to side, but up and down. Is this an issue?

 

That is one of the most common causes and one of the most common parts that wears out on the front end. Most people here will tell you it's worth the extra money to buy a quality aftermarket track bar like one from Thuren fabrication.

 

So what wears out on the track bar? Can't just the bushing be replaced?

 

It's the bushing on one end and ball joint on the other end. You can rebuild stock track bar, least expensive option is Luke's link.