1991 BMW 535i

The E-34 535 has a steering box, not a steering rack. The best suggestion I can make here is to inspect the front suspension and the wheels/tires. If the thrust arm bushings are worn/broken, this could be a reason for the wobbling and for the pull. Also inspect for worn shocks struts and for loose/worn ball joints and tie rod ends, also look at the idler arm, it often has wear at that age and mileage.