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The boot is there to keep dust/dirt/grime out of the inner tie rod end. Those joints are rather intolerant of gunk and will wear out quickly when dirty. Plus there IS grease there to keep the joint from rusting, as surface rust in the joint is the same as gunk and will wear it out. A worn tie rod end puts slop in the steering and will be difficult to align and won't hold an alignment.
Clamping the boot down will possibly prevent the rack from traveling to full lock in one or both directions without ripping the boot further, so it's mostly a waste of time.
Taking the inner tie rod end off the rack (or tie rod if it's easier) and replacing the boot isn't too difficult. Might be a good time to replace the tie rod end anyway. Measuring its setting with calipers will greatly assist you in putting it back together close enough to drive but a wheel alignment should still be done.
I know these aren't CV boots, but CV boots are the same way. The joints wear out very quickly when in contact with water/dirt. They're very hard to disassemble (they're an interference fit assembly you have to smack *just* right to take apart) and the grease is obnoxiously sticky yet you have to fully clean the contaminated grease to reboot a shaft. You're most likely better off replacing the whole shaft since it's fewer labor hours than rebooting and you have a new shaft/joints/boots.
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