Very likely candidate, yes.
For quite some time, we had a terrible creaking and popping in the front end of our '93 FWB w/ 105k on it approximately, which I noticed most frequently under the same maneuvers--coming to a stop and then starting out again, mainly. Essentially, that was because of the lift and drop of the front end suspension at those times.
Wasn't sure what it was from looking, and at the same time the roll bar bushings were clearly shot (still are, but that's beside the point), then found in the service manual how the ball joints should look (I think it's like one of the lower things still protruding). The one looked okay, but the other lower one (there's upper and lower joints) on the other side looked askew. Not exactly a driveway job we wanted to try, and my father only wanted to get the one bad one fixed, so he had the local Chevy dealer replace just that bad one and all has been SILENT and smooth ever since.
So yeah, I'll bet on that, based on what you've said. As these cars get older, there's a lot of common suspension wear issues, noise, etc., but this was one of my experiences so far. I'm trying to find a copy somewhere of a similar write-up on what to look for...