I would have this checked out if I wasn't sure how it was all supposed to work. Like I said before, contact Carey or wait for him to chime in here. The choice is yours.
I believe that everything is fine in there. The column isn't very long, and has an upper and a lower bearing. As was mentioned, the lower bearing is replaced with a Delrin(nylon?) bushing so the horn wire isn't grounded. If the steering wheel is removed, the shaft can slide forward. It's designed that way.
The two prongs on the steering shaft box are designed to NOT ram the column into your chest in the event of impact. The prongs are designed to disengage the column.
Lane is correct that the pitman arm must he SUPER tight, like with an 18-24" breaker bar.
Bobby just wants to center his wheel, I don't think he's having any other problems.