thats a good detailed link on how to splice a wire. that procedure will not work with the steering column on a 40. the wire attaches to the bottom of the bearing and there is zero clearence between the bearing and the column itself.
if the wire coming out of the hole at the bottom of my column wouldnt have been all frayed away down to the wire i wouldnt have mess with it and would have just added the wire coming from the new wiring harness and been done with it.
tom, examine your wire if its ok and no play in the steering wheel i would leave it alone.