It appears that the steering pin and gimbal ring are getting a little loose and I am taking on a little water.

I thinking both the steering pin and gimbal ring both need to be replaced, correct? From what I have read, the steering pin wobbles out causing the gimbal to wear. Is there any advantage to going with a stainless steel gimbal ring as opposed to a stock cast aluminum gimbal?

The boat has a bravo I drive and is just short of 650 hp.

No. not the ring, it's your housing. The seal area. We fix those so you don't have that problem. But you must remove the complete Gimbal from your boat. Give me a call at:
954 237 0332. Ask for John