Erik, It's impossible to diagnose this car without seeing it..
I would put it up in the air supported by it's front wheels and check it out.. If it was a rag joint I would think it would make the noise every full turn of the wheel...
Since that car is so old, I would remove the whole front suspension and replace everything except the control arms and springs.. Those low mileage cars are some of the worst as far as rotted parts. I see people at shows drive vintage cars on old dry rotted tires that I wouldn't use for the tree swing.. Remember time is also against this car. They were only designed to last 10 years...
Best to put it up in the air and take the whole front end apart so you can see what's really going on...
I get all my suspension parts from either e-Bay or Rare Suspension....
http://ecomserv.bytedesigns.com/rp/