What exactly does it adjust ? If I tighten it down will it tighten my steering up ?

Yup...that one...

It just takes the slack out of the control arm at the base of the steering box,But you have to be real careful ,just snug it up till you meet just a little resistance,otherwise the bearings will bind up and you will be buying a new box.If it wont take the slop out ,it might be time for a new one anyway

 

Mines got some slop and play in it...if I carefully tighten it a bit, it might help?

 Or do I need to look at Tie rods ends, etc?

to adjust the box properly there are two adjustments, the first is a real pain, and it has to be done first,it adjusts the bearing preload, its the big adjuster plug and flat notched lock nut by the rag joint coupler, you have to pull the pitman arm and back off the lock and plug a 1/4 in. and adjust in to get the proper drag,use a IN. LB. torque wrench on the steering wheel nut to check drag (1/2-2 in.lbs) then the "over center preload" lash ( 3-6 in. lbs. in excess of ball drag and thrust bearing preload)   

A simple way to check if it's out of adjustment

Put the key in if you have a locking column, and unlock it.

Get under the hood.  Grag the shaft joint going into the steering box.  Turn it gently back and forth.  Watch the output, and turn the input just enough to NOT move the output shaft/pinion arm.  That move ment should just barley be there.  You can watch the steering wheel move while doing this.  If the wheel moves over one inch at the rim, there is too much play in the box.

Generally, you won't have to adjust the first adjustment described by Joe.  The second one is the more common culprit. But either show that the box has wear.  Minor adjustments are fine, large ones may require a rebuild, or another box.

Ron I don't believe you understand what I'am trying to say,I think you guys are talk about step two," the over center adjustment" thats the little nut and slotted screw on the alum.or cast iron steering box cover, step one is the large nut and notched lock nut that the worm gear passes through and the rag joint flange attaches to the splined end of the worm gear.step one adjusts thrust bearing end play, step two adjusts preload between the ball nut and pitman shaft sector teeth.