i,ve never seen one connected. do you have the lean burn distributor? if not youre probably good to disconnect it. from what i understand it takes out timing if you have spark knock. aftermarket distributor wouldnt need it.
be sure on this. steering is nothing to play with. i think these collums have a collapsible feature to keep you from getting shish ka bobbed in a wreck. wondering if the tube has been collapsed. get a service manual. too much at stake unless a tech speaks up with definate answers