These cars are not safe like a modern car anywhere else anyway. The older cars don't even have the collapsing tubes but it doesn't keep people from enjoying them.
If you are truly worried about being impaled by the steering shaft I guess you wouldn't have to drive the car. You could just stand back and look at it and feel safe. LOL.
I'd shear the nylon pin and not loose a minutes sleep over it. Chances are very good it won't be the steering shaft you are working on that takes you out of this world. As long as you don't weld the telescoping shafts together it can still collapse.
I've had cars that had been sheared long before I got the car and didn't even know it till I took the column apart. Ive never been the accident prone sort anyway. That how I see it anyway. Others opinion's may and probably will differ.