I have a 70 fj40 and I just swapped in a newer (75?) column along with that tractor bearing shown when I did my convertion. Was a peice of cake, just made a stencil out of cardboard of the hole I needed to cut. Cut it, drilled a few holes, mounted it up.
I think the tech section here lists the bearing style mount that downey sells and it is like $15 instead of $60. Check that out before you use the Downey part, might save some dough and it is a better setup.
I got suckered into using the downey kit with the expensive bearing, those guys are a rip off, good quality stuff but too much money. I am not familiar with older style steering columns, is there an issue with the mounting of the column to the firewall?