brew8, the 60 stuff is the right length and has the right spline count to attach to the bottom of an FJ55 steering column on one end and a 60 steering box on the other. It's designed to be collapsible (has two plastic pins that break on impact), and if you punch the pins out you can have a make-shift slip joint (which works in theory and is what I'm running now, but I would feel better with a purpose-built slip joint personally). The FJ55 column is about 1 1/2" longer (I think, check the link in my sig) than a 40, but retains the same old-school wheel, so it looks "factory." I and a few others have issues with the new ergonomics, however, and I think a couple fellas have come up with workarounds.
For me, I'm thinking of going back to a 40 column/wheel, to get my ergonomics back, and I'll just cut off the rag joint and grind it into a "double-D" to connect it to a Borgeson u-joint. You can get a Borgeson shaft that not only collapses, like the 60 shaft, but has a purpose-built slip joint as well. And the u-joints are smaller, which looks better and also helps with clearance issues (the 60 ps setup runs really close to the stock shock towers).
Check out the link in my sig line for my writeup and I have a link in there to PabloCruise's writeup as well, more info in there.