Not sure if yours is setup like mine is, but if the A/C and Power steering use the same belt then it is. (alternator and water pump/fan use the other belt on mine).
Anyway, if the compressor pulley is wobbling, check and see if it's the pulley itself or the entire compressor. I found that on mine the lower bracket that the compressor mounts onto had a problem. The bolt hole on the front side of the bracket had become elongated from wear against the bolt. The bracket is just mild steel vs higher grade steel in bolts. (Bolt 1, Bracket 0). When this happened to me, the vibration from the misalignment caused metal fatigue in the A/C refrigerant lines where they connect to the compressor and as a result one of the hoses broke open, and vented the refrigerant. (Thought I had an engine fire as it looked smoky, thankfully it was just the line).
To fix this and prevent it from ever happening again, I sourced some Drill Jig bushings, drilled out the bracket and pressed them in. Had to play around with the bolts a little and switched them out for some grade 8 3/8" ones with locknuts. I'd had previous problems with them losening up on me etc and got to the point of hating to have to mess with them regularly. I also drilled the mounting lugs on the compressor itself and put some bronze bushings in there with epoxy since they'll take the rubbing a little bit better than the aluminum casting will. It's now rock solid. Also the way I set it up, it pivots freely at the bottom rather than being tightened in place there too. Makes taking it out a whole lot less trouble.
Another easy mod (if you have a welder) is ditching the bracket that keeps tension on the belt. First you need to put a stud in the compressor where the bolt that holds tension goes. (8x1.25x40mm on mine). Threading the old bolt to keep tension for the belt system puts a whole lot of stress on the casting that frankly doesn't need to be there. To make adjusting it easier though, I sourced a couple of 5/16" spherical rod end bearings. (male variety, 1 regular, one left hand thread. Get the jam nuts that go on them too). This allowed me to make a turnbuckle style setup that's infinitely adjustable, but locks it in place securely and is easy to adjust. To built it, I also got a pair of nuts for the spherical rod ends in addition to the jam nuts, again one regular, one left hand thread. I took them to the metal supply place and found some stainless tubing that just barely slipped over the outside of the nuts. (believe it was .625 ID). You could use mild tubing but I figured the stainless would look nicer without paint or powder coating it, it's probably a tad stronger too.
Anyway you only need about 2 inches of the tubing to do this. I think the center to center on the link ended up being 3 1/4" and I had to cut about 1/4" off the threaded ends of the spherical rod ends to get it short enough. to fit the span correctly. The tubing ended up being a whopping 1 5/8" long in fact. At this point just weld the nuts into the ends of the tubing. Clean it up a little bit, screw in the rod ends and you're done with the link.
You need to remove the old bracket and chop most of it off. Just leave enough to put either an 8x1.25mm bolt or 5/16 bolt through to attach the engine side of the adjustable link. You might need to use a socket head bolt to get it to fit as the threads need to point forward to get the link to align properly. Alternately you could weld the bolt to the back side of the bracket or even thread the bracket and put in a stud. I took the lazy and easiest route of using just a socket head bolt and a lock nut. Put a locknut on the compressor stud as well. You may need to stack a few washers behind the rod end bearing on the compressor end to get it to line up better.
**continued in next post, sorry it's so long**