Gentlemen before we start tearing things apart and rebuilding them let's find out just what condition the column is in.
SHOR, Inside the engine compartment below where the shifting rods come up too the column levers there are two 3/8 head screws opposite each other. These screws are in slots that are angled. You need to loosen the screws and rotate them in the slots. There should be 5-20 thou clearence between the bottom lever and the ring below it. If there is no adjustment left then proceed with red58 and cosmo suggestions. I would suggest buying a shop manual.
Larry
