Lock out tube is a new one for me.
What you are describing is the column shift tube.
It, like the steering shaft has a inner and outer part that can slide past each other in an accident.
If the inner and outer tubes are sliding past each other easily, then the nylon that is supposed to separate them and keep them in place is broken or missing.
Do you need it? Technically no since you have floor shift, BUT you will need to address the lower bearing and duplicate the non column shift column. AND the upper end that would be attached to the collar that the shift handle used to be attached to will be floating. And you will need to address that.
IMHO
Your best bet is to start an ad and get a floor shift column for manual or power depending on your steering gear.
