Update: Acetone did the trick. Flushing each cylinder out with fresh acetone, rotating the engine 90°, move the rack back and forth through it's full range a dozen or so times, and repeat. Took roughly 45 minutes. Now the rack moves easily and returns to center on it's own when starting from either extreme. Next step will be installing a temporary fuel pump, replacing soft fuel lines, changing the oil and replacing the filters. This car has been sitting for a very long time but the engine turns over nicely and I can feel and hear compression with each revolution so I am pretty confident it'll be running soon.
Note to anyone going through this process, there are multiple references on this site to the threaded hole in the end of the rack as being M4. My car is a 1966 230SL with an R11 pump and the hole is M5x0.8 which is interchangeable with #10-32.