I'm not familiar with this type of column at all.. but.. I would think you could sleeve it quite easily. have you got a full photo of the whole column?
hmmm.. not entirely convinced that its a safety thing.. but. inspect it and maybe someone that has one can pipe up and say it's a "vent" or it's a "whateveryoucallit".. and it will be all good.. or.. it's a collapsable portion designed for impacts.. but It looks like you still mount it under the dash and at the firewall and then to a "rag joint" on the box no?
Are you able to inspect it in person or is a long distance deal? My first thought would be to check for a bent shaft. I've left a few behind in wrecking yards over the years for that reason.
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1966 Strato Chief 2 door, 427 4 speed, 45,000 original miles
1966 Grande Parisienne, 396 1 of 23 factory air cars (now converted to a "factory" 4 speed)