This just doesn't look "right" (manual steering)

Why is it dangerous? You'd have to pull the column back an inch or more to get them apart. Do you think that little sheetmetal cap and bendy tabs are going to keep things together?
This is very true, BUT, it appears like there would be a lot of slop there... I did the kit on my 66 satellite it was 20 bucks for the pin the little pieces the new Rubber seal and a new lid the entire rebuild kit for the coupler I forget where I got it from I think I picked it up at Big Daddy's Show.