Jim (owner of this site) put a rack and pinion conversion on his ’56 Club Sedan and eventually had to put the stock steering setup back on. His particular setup had the rack behind the crossmember and made the link from the column to the rack too tight of an angle and created a bind in the steering which was dangerous. If the rack had been in front of the crossmember it would have straightened out the link to the column but would have made hooking up the rack up to the spindles very complicated.
I did put the complete FatMan kit that included the subframe on my ’55 Club Sedan but that kit has the rack and pinion in the forward position with the appropriate spindles to make the hookups correct. Here’s the old thread showing a couple of pics. No excuses for the 32 valve mod motor as it’s technically the new Y.
http://www.y-blocksforever.com/forums/Topic8555-3-1.aspx