Doc, not sure, but I think he's referring to a problem with the telescoping of the height/lenght of the steering shaft, not the tilting of the entire mechanism. Not sure if all the Boomers have this feature, but on my 40D, if you turn the large plastic knob, with the NH emblem in the middle of it, you can release the mechanism (not the tilt mechanism) and pull up or push down on the steering wheel to raise or lower it's height.
Mine started to stick (like I think others have) and so I took off the emblem and put plenty of WD40, first, and then, some gear lube, in the area of the two nuts, he's referring to. Thing has operated correctly since. Looks like water would lay in this spot too, (like the cylinder problem) and rust till it seizes.