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Well, when I pulled the old engine out of my 75, I noticed that the ignition wouldn't go back into the 'lock' position and allow me to remove the key. After I put the new engine in it, I got it running fine, but the key still wouldn't come out. After messing with it for awhile, the key would come out, but the ignition is still in the ACC position and won't go to 'lock'. Now the car wont start. Is my ignition in need of replacement and would bad tumblers or rods be a reason for it not to start now, even if the ignition can move into the 'start' position? Any help would be appreciated.
It sounds as if the lever on the lower end of your steering column has not been hooked up to the cable coming from your transmission. Corvette steering columns (1969 through 1976) had a system that prevented you from locking your steering wheel (and removing your key from the ignition) unless you were in PARK with an automatic trans or in REVERSE with a manual.
This prevented the driver from having the car moving forward and locking the steering wheel at the same time. The cable from the transmission pushed the steering column lever all the way to the UP position when you shifted into PARK or REVERSE. This opened a gate inside the steering column and allowed you to reach the OFF-LOCK position with your ignition key. You should always be able to turn your engine OFF, but you cannot remove your ignition key unless you are in OFF-LOCK.
The ignition key positions are as follows (turning CCW):
START, RUN, OFF, OFF-LOCK, and ACCESSORY.
Some people (a lot of times because of interference with headers) removed the cable and just wired the lever on the column in the full UP position. The car operates just fine except that you have to remember that you will be able to lock the steering wheel at any time; even as you are driving straight down the road!