The rag joint does not seem to be contacting enough splined on the steering column. I'm getting a lot of play.
If I slide the rag joint up from the steering box, it will let me slide the rag joint further up the steering column.
Does that sound like a plan?
Bud

 

Bud - When you look in through the slot in the rag joint, how far into it do you find the steering mast penetrating?
You're considering 'bringing the U-Joint up to meet the steering shaft'. Here's a suggestion.
Bring the steering mast down to meet the rag joint. The column can be slightly adjusted either up or down. Many years ago when we were installing the standard steering column on my Dad's 65 Coupe,
he had said he wished there was more
room between him and the steering wheel. I found a section in the Service Manual that said the column could be shifted up or down. When moving it downward, you had to leave a gap between the end
of the splined steering mast and the top end of the steering box worm gear...to allow the rag joint to work as it should but I recall that gap as being something like 3/8 or 1/2 inch.
On all our midyears, when I've freshened up the steering column, we install the column down a bit further than what might be considered stock.
If you wound up doing that, you'd have better engagement into the rag joint and a bit more 'elbow room' up top between the driver and steering wheel.
To see how much you might gain, measure between the small/bottom end of the steering column bell to the dash escutcheon.
Check out the pic above, it's from my 65 Coupe and shows a rough gap of about 7/8 inches.
Mike T - Prescott AZ

 

I have about 1.3”

 

The input shaft- worm- of the box has a groove ground in it for the pinch bolt. The flange cannot be moved from that position. If you slide up the column flange it will distort the rag into an "S" bend. Yours is correct- flat but it does appear to show some wear at the bolt- I would check to make sure it's not ripped and loose. Otherwise, bringing down the column, if possible is your option.