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I've made it clear many times I am no Corvette expert. Pretty substantial background in engines but not so much on Corvettes. I have been helping a member sort his car out and we've hit a road block. He describes a loose steering both side to side and up and down. Has the related horn blowing and lights flashing when turn signals are on. I told him to install the spring at the bottom of the column which appears to be missing. I sent pics of the AIM and instructions on how he might install the spring without removing the column. Our question is, is this the correct column. It doesn't look like the column in the AIM and I'm not familiar enough with the column to say it's correct.
I have never seen a steering column with a zerk grease fitting or what looks like pipe threads on the pip the zerk fitting boss is welded to. I know my 64 that I had never had it.
I'm going to out on a limb and say that someone really messed with it. The clamp at he end of that mess is there to hold a collar (missing in pic) on the column shaft that applies, via a spring (also missing in pic), the correct load on the lower bearing which you might be missing.
Since you mentioned other issues with the steering and turn signals, the upper bearing is also highly suspect to me.
You're going to have to remove the column and see what is there, what is missing, and what has been FU by someone.
There is a paper floating around by Jim Shea (I think that is his name) that has photos and instructions on the disassembly, repair, and reassembly.
Agree with Don. That's not the lower end of a '64 column. Don't even know if it's a Corvette column. I'd start by pulling the column out of the car and getting it on the bench.
It looks like someone has welded a pipe nipple fitted with a zerk in place of the correct lower column bearing and race. Hopefully, that mast jacket can be salvaged but it might be easier to bite the bullet and buy a new one. They may find that the top end of the column needs help also. Often a tab may be missing from the top of the jacket where the switch retainer plate attaches.
My guess is that one time the lower bearing in the steering column wore out, when this happens and you keep driving it you actually cut a notch in the steering column shift itself. So someone probably did a repair. The best thing to do is buy a new steering column shift, tube, and new bearings, race and spring. You may find when you get to the top of the steering column that the steering column shaft is bad anyway they tend to break off the small tabs that are on top. These parts are not that expensive. And it really is an easy repair.
Thanks guys. Great help! I couldn't say for sure that it didn't come that way. I didn't blow the pics up on my computer I just looked at them on my phone and the jerk fitting looked completely out of place. I only wish the forum had a welder section. I joined Welding Web.com trying to find help. There is one guy trying to help but when talking electronics you may as well be talking in Hebrew. They sure don't have the amount and level of knowledge available here.
I blew the pics up and was looking at them. That piece with the jerk fitting is off center quite a bit and it looks like a piece of black pipe. It looks like it's threaded like a nipple.