steering column lower bearing

How do you tell if this part is bad?  My steering gear and rag joint are out right now and I noticed some play at the end of the steering column shaft.  Probably .03 - .05 or so.  I'm guessing that's no good and after some internet browsing it appears to be a common problem on our cars.  I'm guessing steering column removal is in order?  Cripes - I'm never getting this car back together.  My intention was to go out and put some stuff together today, not find more things to take out and rebuild.  

|UPDATED|1/16/2012 5:39:26 PM (AZT)|/UPDATED|

In theory, there should be no play in that bearing. In reality, it's not new. Personally, that little amount of play wouldn't bother me at all....just my opinion.

Joel,

Well I'm glad to hear that, Joel.  Takes a load off.  So even though I can see, feel, and hear a small amount of movement I should be OK?  Hope so - it sounds like getting the new bearing in can be kind of a bear.   (Pun intended).  Thanks.  

A minor amount of play isn't too bad. If it's floppin around pretty good, that's another story. Since you've got the rag joint disconnected, when you spin the wheel, do you feel any roughness in it, or hear any noise from that bearing? If not, I'd say yer prolly good to go.
Changing that bearing isn't a fun job, but then, doing anything to the column ain't exactly a day at Didneyland. I'd bet 99% of the Shark cars(and most other cars too) will have some play in the lower bearing.

Thanks a bunch, Joel.  Wheel spins smoothly and no excessive noise from down there.  Do you think I should I try to pack some wheel bearing grease inside there? I think the dust cap or seal should be pretty easy to take off?  Or maybe just leave well enough alone.....

Don't know that stuffing any grease up in there would do much good...