Don, I've been very reluctant to say the things I'm about to say, but part of what we all hope for here is that others will learn from our travels down whatever path we take. Please take my comments in the spirit intended as I have considerable respect for your taking on such a project given your self expressed modest level of experience building a car from the ground up. What you're bumping up against, in part, is what causes experienced builders to completely (or at least as best they can determine:3dSMILE: )build the car, and solve such problems as this, BEFORE painting. Many "new" builders would do well to read your posts from the beginning to see how a neophyte can make a measured and informed set of choices in the building process.
I don't have any first hand words of advice on this particular column as I (personal choice only) don't like a column with the ignition switch in it (for an early rod anyway). The column I typically use is the earlier version of what you have (pre-68). With that I have to cut off the stock mounting stuff and slide the remaining "guts" into a piece of tubing (exhaust) to which the drop is welded. Perhaps, depending on what you want for placement, the section of cover that, in your picture, is the bottom of the three "sleeves" could be removed and something similar be done. Also, there's a prefab cover to clean up the lower part of the column available; http://www.speedwaymotors.com/xq/asp...qx/Product.htm .
Under that cover should be a steel "outer" colum, with the colapsible section formed on it or within it. You may be able to attach a drop to that as they are typically around ~2". Hopefully someone else will have an exact app to yours, if not, even though they're fairly different, I'll post a pic of my columns (one from the 36 the other in bare working form from the 32 coupe) with the modifications noted above to use as "inspiration" since it's not an exact duplicate of what you have.