Steering Column Repair: 92 F150 wont shift into Park, f150 pickup, drive transmission

Question
I have a 1992 Ford F150 Pickup truck with an automatic over-drive transmission (AOD).  Lately when I put it in 'Park' the shifter indicator shows it is in Park but the truck is really in Reverse. If I shift to 1st then back to Park it goes into Park most of the time. Sometimes it takes multiple attemps to get it into Park.  I had the Transmission rebuilt last December so I thought it may be just an adjustment at the linkage. I took it back to the place that rebuilt the Trans and they were able to verify the problem is in the steering column. I don't notice any play   in this assy when shifting and it stays in the gear I put it in except for Park. Is there an adjustment in the shift assy inside the steering column that I can work with?  Is this possibly a problem where this assy wears out? I'm really not interested in putting a whole lot of money into this truck and would prefer to repair it myself. I appreciate any information you can provide.
thanks for your help,
Paul

Answer
Hi,

You should find a cable that runs from the transmission to the steering column. This is known as the PARK cable. Over a period of time, frays in the cable or cracking in the outer plastic cause it to bind. Your description of your problem leads me to believe this is the problem.
It is hard for me to give you specific information on this truck because it has been a while since I have worked on this style steering column, but the concept is mainly the same on most makes and models. If the problem is not directly in a cable, it is where the cable attaches at the lower shift bowl. Some vehicles run a plastic actuator in this area to sense the trans is in Park. Something appears to be binding between the trans and the steering column.