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"buening" said:That hole in the column is there on both my 70 mustangs, as well as the rod on the firewall side. The rod is the lockout rod. You don't have a column shift car, its just the way they were made.
Here is one from a Cougar that has the same hole. http://cgi.ebay.com/ebaymotors/69-70-COUGAR-STEERING-COLUMN-MUSTANG_W0QQitemZ260577114117QQcmdZViewItemQQptZMotors_Car_Truck_Parts_Accessories?hash=item3cab9b3805
If it were a column shift it would have linkage for the shift to mount to the column, as well as a connection point at the hole for the shifter.