First, a point of parlimentary procedure. Don't laugh at your own sentence, it's irritating.
Now the helpful portion.
That wobble is scary, fix that immediately.
First thing to try is grab each wheel and yank on it back and forth as hard as you can. If one wiggles instead of shifting back and forth in a smooth controlled manner, you have your culprit.
If not, get it up on a lift or some sturdy stands and do the same test and work on the steering rack too. The loose part should show itself.
An out of balance wheel can cause this as well. Check that too, but as old and probably abused as that car likely is, the suspension is probably a ticking timebomb.
The clutch friction zone can be adjusted, yes. The piston rod from the master cylinder is threaded and has a, I think it's a 10mm jam nut. Loosen the nut and make the rod longer by unsrewing it. The friction point will move up.
If the clutch reservoir is filled with something that resembles bathtub water in a Japanese horror flick, you might want to take the opportunity to overaul or replace the master and slave cylinders and fill er up with fresh fluid and bleed it out. You will be shocked how s*** the old stuff worked once you have a fresh system under your foot.
