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I'd say that ragjoint was worn a bit beyond the "complete wearout" point... ...maybe by about 100,000 miles, or so.
I can't imagine someone driving that car around, just slingin' the wheel wherever it might wander, with reckless abandon at how long that sucker might survive. Just look at the wear notches in those travel limiter pins!!!
If you look very closely at the very first pic on page 1, you should be able to count 7 alternating layers of cotton cloth and neoprene rubber that made up the coupling disc. This OEM part was very stiff and provided good road feel from the road wheels to the steering wheel. This was called the Saginaw manual steering flexible coupling. However, it was used on all C3 Corvettes regardless if the steering was power or manual.
If you look at the aftermarket replacement rubber discs you will only find only three or four layers of cloth and rubber. The discs are the same thickness so the replacement disc was manufactured with much more rubber and therefore was much "softer" and had more compliance when steering your car.
From: St Louis MO http://1972corvetterestomod.blogspot.com/
Thanks for chiming in Jim. Your papers on the subject were VERY helpful in allowing this rookie to get the problem diagnosed and fixed. I was able to find the original part with help from guys on here, but it was like searching for a needle in a haystack. The aftermarket folks should improve their version to be more like original.