I'm surprised at the amount of rust on it. That's a southern car. It's never been anywhere but Alabama and Georgia until Scott drove it up Lookout Mountain, Tn. Then your trip to North Carolina.
Where are the jack stands located? Are they under the control arms or under the chassis? I found on my 86 that ball joints won't show movement unless the suspension is loaded. With it supported on the chassis, there wasn't any movement, but man, were they totally destroyed.
When we talked earlier tonight, you said you were going to do a rough alignment. Are you aware that you have to 'jounce' an 88 at least 3 times after unloading the suspension to get it to settle back down? It's in the Tech Q & A under alignment.