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If it makes you feel any better, the power steering pump in my recently acquired '63 is doing the same. I took the reservoir cover off (careful the spring, washer and especially the wing nut - mine fell in and I had to fish it out with my fingers) and noted there is a filter inside. Also I'm not sure of the proper level but mine appeared to be getting air in the pump as the fluid was foaming. I added some fluid to it and it got a little better but I think that it has air in the lines and it will take time to get that out. I'm planning on changing out the fluid and filter and going from there. As soon as my parts manuals and shop manual come in I'll know a little more about the car.
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2007 Vista Blue Convertible V6, Camel Leather and top.
MODS:
*GT Suspension
*SCT X3 Custom Tune
*GT Take-Off Front Bumper with CDC Chin Spoiler and GT Grill with Fogs
*GT Take-Off True Dual Exhaust System
*GT Rear Spoiler. (To do list: Black stripes, T-Lok, Light Bar)
1963 Thunderbird Landau, 390 4 barrel
1965 Mustang Coupe 6, manual everything
1966 Mustang Coupe 6, auto., Pony Package
1996 Bronco Eddie Bauer 351
2007 Expedition EL Limited 5.4
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