classic sign of worn or now missing upper thrust bearing.
unless the box is worn slap out, it's a simple job to buy 2 thrust beairngs, and races if needed.. pull box apart, add new bearings.. clean out old box .. may have rollers in it.. repalce sector bushings and seals if needed.. put box back together and re-time it.. and then put box top on adjusting shim stack for correct preload on thrust bearings.
then I'd reccomend pumping it full of 0 or 00ep grease ( jd cornhead, snapper, stens.. etc. )
takes about an hour to R&R the box if you already have it down tot he point you can get the steering column off.
a rebuilt box is about 600$ plus shipping when I looked ayear ago.
I've rebuilt plenty of them boxes.. probably every ford I have with manual steering from 52-63 has had it's box rebuilt.
you will want the I&T fo-20 manual if you want a step by step instruction to retime the gears.. otherwise, if you can count to double digits you can figure the retime...
soundguy