Mike - I tried your bumper bounce test. My steering wheel definitely moved. I'm thinking about 5-10 degrees.
Jerry - The steering arm is bolted to the bottom of the spindle. It doesn't appear to be misshapen or deformed at all. Your question did make me search some more on the internet for a picture of one to compare it to. I found this one:
http://image.hotrod.com/f/31509175+q80+re0+cr1+ar0/1101clt_07_o%2b1959_chevy_apache%2bspindle.jpg
That also is a '59 Apache in the picture. It looks the same, but with a couple of notable exceptions. My steering arm is not shaped like that. The half that drops down to meet the tie rod is just like mine, but the half that meets the drag link is much, much higher than mine. On mine, both halves of the steering arm sit at about the same height. Subsequently, my drag link is nowhere near as level as seen in that picture.
So now I'm wondering where my steering arm came from. Also, is the drag link correct? If the steering arm sat higher, then my drag link would be too long.