Sell it and get a proper bike!
Just giving you a hard time Mate: I have a NIB Royal, and a few other bikes- From everything I read, it's not really worth trying to make a silk purse from a sow's ear, as they say. Let's say you fix the steering: The whole bike is....Cool, don't get me wrong! but bikes are frustrating enough without trying to get something designed 25 years ago to run great. I've gleaned that the best thing to do is just enjoy it as is from most threads I've read on it, as once you 'fix' 1 thing it just makes other glaring insufficiencies stand out all the more. The RCGroup's site has a buttload of Royal bike info if you're thinking "*(^#&! this jizzwad, I wanna make it better!"
Do a search for 'Royal' and read away: I'm sure you'll fing things to your interest. Chris