First thing you should do with an Old-timer like this is replacing the original steering rack with a collapsible one, because like you said, it would perforate your head or torso on a front crash.
"In 1968, United States regulations (FMVSS Standard No. 204) were implemented concerning the acceptable rearward movement of the steering wheel in case of crash.[13] Collapsible steering columns were required to meet that standard."