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How much is it short by? I have a 2" body lift on mine and I was able to slide the column down to make up the difference. If you have a rag joint, I wouldn't recommend it as it puts a lot of stress on the joint and it will fail.
My steering shaft is made up of 3/4" round stock with Spicer yokes at the box and at the base of the column. The ujoints allow for the difference in angles for smooth steering.
I originally had manual steering which has a 1 piece solid shaft with a unique lower bell. When I converted to power, I cut the original shaft at the steering column and installed a yoke at the column and at the steering box. They use ujoints for a PTO application. I then measured from each yoke and bought some 3/4" round bar. I had both ends of it and the upper shaft cut for keyways since I didn't have access to a welder at the time. It is all held together with set screws. The biggest disadvantage is I have to nearly remove the column to remove the steering box.
Sounds like you have a stock steering shaft. If I remember correctly, it should have a rag joint (round coupling with rubber between) and a ujoint and yoke assembly at the lower end. There should be plenty of shaft sticking out of the column that you could cut it above the rag joint and do something similar to mine. Flaming River also sells a collapsible shaft but it is pretty spendy.
I see you are using an old model power steering pump. Is it stought? I need one for my bronco and thought about going to the saginaw pump but it can be pricey with having to buy the bracket to install is. If I get a new one like I have from o'reileys, will it work OK? I am running 33X12.50"s but would like 35's!!!
If I were you, I would save up and buy the Saginaw. It is a much better pump. More power and less noise.
I am still using the factory style pump until I have my box ported and get a steering assist ram. Then I will upgrade to a Saginaw type pump. When I swapped to power steering, I went through 3 rebuilt pumps trying to get it to work. I swapped the original pump from my 76 and it worked great (still the same one on there after 10 years). I put one of the rebuilt ones that I couldn't get to work on my 76 and it worked fine. Never figured out why.