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The test is to secure one side and try to rotate/twist the other. You should have very little twisting movement; if the fiber material is shot it'll be sloppy. The test is easier when still on the steering column. The joint transfers the steering movement and the firmer the connection the better.
It looks original and appears to be ripping or getting ready to at the stud. As mentioned, it should be rigid
Also, NOS rags go for $300+ now, if you find a real one for less you should buy it.
The current ones vary in quality. They are imported and some with the d flats, like you have, have them in the wrong position. Yet they are still sold. Although not a rag joint, I literally threw out about 75 new worms with the D Flat in the wrong position several years ago.
Quality parts are getting harder to find and they are not cheap. That is why I mentioned checking your new box in your other thread, hopefully it's good and if so you're all set. If not, you will know. If it's still out of the car rotate it from lock to lock, about 4 turns. About 2 turns in you should feel it snug up, it should be smooth throughout the travel. Look at the lash screw to see if there are any threads showing over the nut. Many times, guys think a bad box is all there is and end up spending more money on an aftermarket box when they don't need to.
Good luck.
The one for my 68 Camaro ripped/failed But the metal keeps it from completely failing. You'll just have waaaay too much slop in steering, mine had some play before it went fully. LOL I was young and just thought old cars were like that. Anyways you can rebuild them with a new RAG, used one from a local parts store(prob not so common these days).
My 77 is fine with like 40k ish but I bought a Flaming River solid joint from Zip Corvette this winter to swap it out, since I converted it to manual steering anyway. SC-918 for my car, make sure you have the correct one for your year. https://www.zip-corvette.com/68-82-c...n-coupler.html
My old 68 Camaro making a pass, thing was a rusty deathtrap LOL, prob would be worht some money these day, almost as much as my 77 C3