Here's a picture of my current setup.
As you can see, the trac bar and drag link are not parallel. They're off by 4.9 degrees, which is a pretty significant difference. I did the math and I would have to drop the pitman arm by ~2.5 inches to get the drag link parallel with the trak bar. I can't see that happening without going to a different steering box.
I've recently replaced the entire front and rear suspensions, steering setup, ball joints, brakes, you name it. No lockers and axles are stock. Shocks are pretty old and are pretty much shot. When I had the rear axles out, I did notice the splines had started to yield and are slightly rotated. I also noticed that the factory Trak-Lok rear differential is basically completely shot as I can hold one tire with my pink finger from spinning when the truck is up on jack stands and in gear. There is also a fair amount of slop in the rear end when rotating a tire back and forth, so maybe the differential is shot.
I'm running a 3.5" suspension lift with a 1" body lift, wildhorses rock crawler springs, adjustable track bar, wildhorses 3-way adjustable steering linkage, trac bar drop bracket, drop pitman arm, factory bronco power steering box rebuilt by yours truly, 7 degree C-bushings (I think), stock radius arms, and customized original solid steering shaft. I did have a wheel alignment done on this and the caster was within ford spec, but was a little low.
Also, my Bronco does indeed have bump steer. When I hit bumps, the wheel does jerk one way or the other, in addition to jerking one way or another when accelerating or decelerating. It also rides like a wagon on a dirt road, not sure if that is because the springs are too stiff or because my shocks are completely toast. All in all, it makes for a pretty exciting ride.