240 Wagon - Fix what right away?

[underland]

I'm in the process of purchasing a Volvo 240 wagon.. My mechanic tells me that the wagon will need to have the following worked on:

1. Exhaust - $130
2. Transmission Seals - $60
3. Overdrive Switch/seal leak - $325
4. Steering wheel play - $50
5. Align and balance - $50 (front end shop)

The car has been driven regularly by the person I'm buying it from, so I assume none of the above are life-threating, but I don't want to be wrong.
The car drives generally well with no play in the steering as such, but the steering wheel and column move slightly up and down while I grip the wheel. My assumption about item three is that's it's costly to fix because it's hard to reach, but can leak a while without damaging anything. As for the exhaust, I can check that to see what's going on. Anyway, what are the red flags on these items in terms of major component failure danger and, more importantly, driver danger? I'd like to wait a while if I can before laying out $600 plus. Any help appreciated.

[Bramdeman]

#3 might be a problem if it leaks badly or if it has been leaking for a long time, the leak itself itsn't a problem. Its just that you dont want the overdrive to run out of oil. Have your mechanic fill the oil on it and keep an eye on it. same goes for #2

#4 I dunno i would feel kinda bad if i advised you to ignore it and you and your loved ones got killed becouse the steering wheel stopped responding...IMHO for 50$ have it fixed!