I seem to recall that the formula wheel hub would sit further out on a tilt column, and nearly flush on a standard column - but that does sound funny.
Are you confident that the column has been (re)assembled properly and the lock plate for example hasn't been installed backwards?
Bump - to see if you can get your answer.
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1970 Formula 400
Carousel Red paint on Black standard interior
A no-engine, no-transmission, no-wheel option car.
Quite likely one of few '70 Muncie three speed Formula 400's left.
1991 Grand Am: 14.4 @ 93.7mph (DA corrected) (retired DD, stock appearing)
2009 Cobalt SS: 13.9 @ 103mph (current DD; makes something north of 300hp & 350ft/lbs)
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