I would wonder how the rack would be securely fastened to the solid axle. I would be a little gun-shy about welding some sort of an ear or clip on an axle to mount the rack to. Aren't axles heat treated?
Drilling holes in the axle might also be a no-no. I would think a hole would be a good place for a crack to start.
Trying to visualize this set-up in my head, I seems to me that you would have to have a solid bearing and u-joint at the base of the steering column, a shaft with splines, and a u-joint on the rack. The shaft would run right through the area occupied by the exhaust system on a 6 or V8.
I would be interested in seeing a setup like this, if for nothing else to see how they fabricated everything. If a spring or shock broke, what would keep the slip joint together so you could steer the vehicle?