Very strong arms. You'll regret it I'm sure. While you get more feel for the road while actually driving, slow driving, parking etc. will be a challenge especially if you're like most of us, OLD!
When I bought my car, it was manual everything. It was a supposed 1 of 6 car and very original apart from a repaint and some visual upgrades. However, after driving it for a year or so, I couldn't wait to find the pulleys needed and ditch the manual steering and front brakes. Since then, I've learned how to rebuild PS boxes and pumps. I would not even consider going back to manual steering.
That said, you just mention having problems with your steering, but you don't say what the problem is. If your PS pox is shot and you're not up to rebuilding it yourself, I think I'd buy from RedHead.
On the rag joint, I can't be sure without checking the m/b I have, but I can let you know if no-one else chimes in.
EDIT: Thanks Hemikiller, you saved me looking through my box of "old bits and pieces"