Classic/Antique Car Repair: Steering gearbox, oldsmobile delta 88, looseness

Question
1966 Oldsmobile Delta 88.  The steering gearbox has an oil leak, but one Mechanic said the shaft isn't loose (it barely has any movement off center) so it's still working correctly.  Even though there's quite a bit of oil (I'm not sure all the oil originates from the gearbox), is the gearbox tough enough to wait until further looseness in the shaft?  

Answer
The first thing that i would do is to clean the gear box and the area around it with Gunk engine cleaner hosed off following the directions on the can. Then run the car and make sure where the oil is coming from and how much. If it is power steering the main thing is to make sure that the PS does not run dry as this will damage the pump and the box. If it is the top seal, it can be replaced without taking the box out of the car as can the lower seal. The main thing is to determine how much fluid is leaking.