The limit squeal is probably caused by the belt being loose.
there's a good write up on power steering rebuild that you may want to check out
Link:
DIY: 1MZ V6 P/S (power steering) pump rebuild
Even though its a V6, it should be very similar in how to replace the parts.
Power Steering Stop Leak is totally effective at removing hard spots and tightness in worn rack & pinions. To correct worn rack and pinions, empty the reservoir and refill it with Lucas PSSL (usually 12 oz.). Results are immediate and long lasting. 12 OZ. BOTTLE
Lucas Power Steering Stop Leak
Product# LP10008
Detailed Info Price US $8.70 Qty
Your steering wheel is attached to a Shaft that connects to your Steering Rack. Where it attaches there is a U Shaped joint that when you turn your steering wheel it makes your steering rack move which in turn makes your tires move left or right depending on what direction you turn the wheel
What happens is this joint gets dry and dirty and when it spins around it catches (hence the hard spots) Spraying some Lubricant on there allows it to freely spin. It could just be a wore out power steering belt, or your pump could be going bad. But it never hurts to try to lubricate this and see if the problem gets resolved
Just keep in mind, if it does fix the problem .. this is only a temporary fix. Your U-Joint is going bad, and will need replaced, which is a $220.00 > Installed item IIRC