That column is one of the most complex GM ever made, the electrical part of the TS switch is not up near the steering wheel like the ones from 1967 and up.
It was mounted under the dash on the side of the tube. In-between the switch and the mechanical part of the TS lever control is a wire cable.
It is very common on those old cables where the vinyl sheathing of that cracks around the outside and then the thin wire inside can't register the correct position for switch on/off or switch cancel. That is the first thing I would check, you need to remove the steering wheel to really get a good look at it. That cable typically cracks up inside the column. (Every time you go to adjust that tilt-wheel you are flexing the cable.)
After 57 years and 20,000 or so "flexes" that's all you get!
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Peter Serio
Owner, Precision Pontiac
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