Yes the rack and pinion will work, but the weaving of the front will only be minimized.

That is why Ford eventually used the Mustang II set up. The Mustang II set up is a more rigid design compared to the shock-towered first ge. The shock tower flexes with the road, that is why the Monte carlo bar was designed for it.

If you want stable and comfortable ride, go rack and pinion and Mustang II front end. Short shackle, panhard rod and stabilizer bar in the rear end(this is the cheapest alternative).