I discovered a loose bolt on the driver's side of the rack and pinion and was wondering if I need to replace the steering rack or can get away with replacing only the bolt and washer (that are now skewed and allowing the fluid to leak out) pictured here... http://s604.photobucket.com/albums/t...3DDSC03911.jpg

 

The bolt, if that is what you are describing, is a mounting bolt. You have a seal leaking inside that bellows boot which is causing the oil leak.

 

Vehicle specs?

 

So... I have to replace the steering rack & pinion because that seal (or what's left of it) is inside the boot or rack.

1994 Toyota T-100 2WD V6-180.5 2959cc 3.0L SOHC (3VZ-E) long bed

 

No. If the r&p is functioning properly then why would you replace it ? From your post your discovery is it's leaking oil. Fix the oil leak.
Now I will say that some people due replace the whole rack and pinion unit because of oil leaks. The repair is on the high side of difficulty for someone who is not familiar with the units or is not mechanically inclined.

If you feel confident with your abilitites then fix the leak. If you don't, have a qualified tech repair it for ya.

 

I've ordered the bolt, nut and washer ($25!) from the Toyota agency in town which will take some time, but the parts clerk says Toyota doesn't sell the seal bushing for it and that it only comes with a new steering rack! That's messed up, don't you think? Probably why many people end up replacing the whole "thang". thanks for replying.. and I will continue to post progress.

 

An option here is to take it to a local garage you trust and see if they can repair it. Aftermarket rebuild parts are available for rack and pinions.