Howdy BB< if you're asking did the 1988 Bronco XLT have the option of tilt steering, I'd say yes. If you're asking about your specific Bronco, is the question does it have it? If it does have it (like my 88Custom), there should be a small lever for the tilt behind the turn signal lever.
AS\ for the oil leak and low pressure reading, that is a very common problem for the Bronco V8's. Look at the valve cover gaskets, oil pan and front oil seal on the crankshaft for the source of the leak(s). If it's the front seal, the rear main seal may be bad, too, so check that. If your pressure is low, according to the gauge, first thing to do is get a real check on the pressure. The stock gauge is more of an "idiot" light than a true gauge, relying on the sending unit. IF the pressure does check out to be low or get really low after warm up, that may be a sign of worn main bearings, or more likely a clogged pick-up tube for the oil pump. IF you here any knocking from the motor, it may be too late.
IF you're looking for a replacement motor, a 351Cleveland would be best-suited for racing. I'm looking at one myself, as my 351W took a dive today. One of my racing buddies has a few motors lying around, that's how I found this one. I don't see a crate 351C in Summit's catalog, so you might start with Ford Motorsports/ Ford Racing. There's also a ton of online builders, like the Jasper one quoted, but they are also generally built for racing.
