Without wishing to repeat all the good advice I can say that our experience with a Morgan that had very little use is consistent with your findings with the exception of the fumes. Our car did 200 miles in the preceding year that we bought it and loosened up considerably as we clocked up the miles and regularly greased the kingpins. I also sprayed silicone lube on the rear springs which has made a difference too. As for the vague steering, I had read about this before we bought and felt it on the test drive and so was prepared. From advice on this forum I have relaxed my approach to this and find that, to a good extent, the car finds it's own way over the undulations and bumps.
As a further observation, I was very sensitive to the comments from the passenger seat and so went about eliminating the rattles and crashes that emanated from the hood and rear seat belts - we have a four seater. I now secure the hood down with velcro straps to stop it jumping about and have fitted leather strips where the rear seat belt clips rest on their panel. This last effort was the key, the seat belt clips really made a sharp and surprisingly loud CLACK over even the slightest bump. Driving without widescreens also helps in this regard as four of them also make a significant contribution.
I hope this is helpful and also hope that you are able to find a good balance and remain in the fold.
