I believe your concerns are actually about the long steering input shafts on these (65-67) cars and not the column itself.
Ford changed to a collapsable column in 68, and the biggest change was getting rid of the one piece input shaft on the steering gear.
I'm not sure if you can just swap in a 68 steering box and column, or if you have to go with some kind of aftermarket unit. Pick up an issue of "Mustang Monthly" or "Mustangs and Fords" for vendors to contact.
I believe the Aug2000 issue of "Mustangs and Fords" has an article on a retrofit tilt steering column.
Good luck. Doc.
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