Ray - There are way too many different components that make up your front suspension and steering to be able to easily answer your first question about the "best route to take". Everything from wheels, tires, springs, king pins, tie rod ends, drag link, steering gear and even front wheel bearings need to be inspected and confirmed on their condition, adjustment and lubrication (as applicable). If I were you, I would plan to go through each and every one of these items to help identify what may be the cause of your steering issues, addressing issues or at a minimum eliminating components as possible culprits, one at a time. It just makes sense to also clean and properly lube everything as you go through them so you don't have to try to remember what you need to go back to for that step if repair/replacement isn't called for.
If you haven't already, I would recommend you get out your shop manual and read through Section 3 - Front Suspension and Section 9 - Steering to learn all you can about what makes them up, how they function and how to adjust/repair/replace as needed. If you don't have a Shop Manual, below are links to the sections noted from an on-line copy of the 1948-51 Chevy Truck Shop Manual (which will be virtually the same for your '47) that you can access and read/study to your hearts content.
Section 3 - Front Suspension 1948-51 Chevrolet Truck Shop Manual
Sction 9 - Steering 1948-51 Chevrolet Truck shop Manual
Getting familiar with all the bits and pieces that make up these systems will help you when actully putting hands/tools to them.
PS - Once you start doing actual checks, if you nee help on a specific item (like king pins, tie rod ends, etc.) than ask specific questions and folks will try to offer the best info they can.
