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The bare steering shaft on your 1971 T&T column should stick out into the engine compartment 4.7 inches from the bearing retainer face. You should pry on the steering shaft to get it back out from inside the steering column. A steady pull is how you want to bring the shaft back out. Do not hammer on the shaft because it could damage the steering shaft bearings.
The steering shaft is actually composed of two shafts that are designed to telescope on each other in a severe frontal collision. The hollow lower steering shaft has a long overlap with the solid upper steering shaft. There are injected plastic pins that hold the two parts to the correct overall length. You have sheared the pins but the parts when pulled back to the correct length will operate very acceptably.