Thank you very much Dobie ! I will do that !

The info I posted was a nearly direct verbatim from my '53 Ford shop manual. The procedure may have changed between the '53 and '54 models regarding the Pitman arm and the the 2 complete turns of the wheel. I would follow the procedure in your Merc manual. Engineers, especially Ford's engineers of the era, don't change things without reason...usually. On your column, it sounds like you created some stress when you lowered it to work on your brake light switch. I'd go ahead and loosen the bolts at both ends, then re torque them per my post. It can't hurt and will likely fix the problem.

Dobie, I read your post reply with interest on the adjustment & alignment of the steering box.  However, reading my Repair  & Adjustment manual, on the adjustment of the steering it says to Remove the Pitman arm itself & it doesn't say to turn the wheel 2 complete turns. It also says to be properly adjusted it will take 1 lb to 1 5/8 lbs at right angles to the spoke of the wheel.
  If the scale reads less, Turn the sector screw in, if more loosen the sector screw. 
This manual is for my 54 Merc. Did most of your info come from an original manual?  
Also wondering about the info on loosening the bolts on frame & steering column in that order & tightening them to relieve tension.   Reason is: I removed the clamp on the steering column & dropped it a little so I could work on my brake light bracket,etc.    When I took the car out of the garage , it turned a lot harder than it ever did.   Would like to get this right ! Thanks for any more info !

Lares said they do not stock boxes for my '56 fairlane.......only do rebuilds on customer's boxes. Quoted a turn around time of 2-3 weeks. 

Lares has a core charge which indicates they have rebuilt units on the shelf. The core charge is refundable if your box is deemed rebuildable per their inspection.

Just wondering if there are any companies have the rebuilt ones on the shelf that you can exchange for?   If not, how long of a turn around did you have getting it rebuilt..........  Thanks, Mike

Received an E-mail from Lares Corp this morning. Was quoted $377 plus shipping and handling for the box out of a '56 Fairlane.

What do they charge to rebuild one? Thinking about having the one in my '57 T-Bird Power Steering rebuilt just because it has never been done and the steering has always been "vague" in my opinion.

Redheads is a good option also. I had them do my box and it came out great.

Durham Missouri

If you decide to have it rebuilt these guys get good reviews:

http://www.larescorp.com/

Internal parts are available from various suppliers but if it were me I'd have it done professionally. They'll have the tools and equipment to set it up properly. Steering is kinda important...;>