yo E,
Do what Ron advised - Key still has no resistance when turning; see
http://broncozone.com/topic/23600-steering-column/
excerpts from that post;
When you turn the key to "RUN/START" and
there's no spring resistance feeling it usually the actuator is broken
Overview; "...The ignition rod is attached the upper ignition actuator by a 3/32 x 38 roll pin ($0.12 each) and the rod needs to be straight so it travels enough to trigger the igniton switch but it's a chore to take it off as you need to remove the steering wheel and tear it down to the (Tilt or Non-Tilt) knuckle, usually down when you replace a broken upper ignition actuator. The ignition switch located on the lower part of the steering column has slots so it can be adjusted by loosening the 2 -7/16 nuts and move it up or down but a lot depends on what's wrong up top with some of the other parts, ie: ignition rod, key cylinder, lower igniton actuator and upper igniton actuator. These parts are timed so when you turn the key to RUN they all need to move forward/downward so the rod triggers the igniton switch to START the BKO..."
Accessories that fail to operate with the key in RUN, or that remain on when the key is turned off, may be the result of a misadjusted ignition switch rather than a malfunctioning ignition switch.
Test the ignition system mechanical operation by rotating the ignition switch lock cylinder through all positions of the ignition switch. The movement should feel smooth with no sticking or binding. The ignition system should return from the START position back to the ON position without assistance (spring return). If sticking or binding is encountered, check for the following:burrs on the ignition switch lock cylinderbinding ignition switch lock cylindershroud rubbing against ignition switch lock cylinderburrs or foreign material around the rack-and-pinion actuator in the housing of the ignition switch lock cylinderinsufficient **** on actuatorbinding ignition switchEnsure switch is securely mountedIgnition Switch Pin-Out Diagram & Continuity Testing (Logic Tables) in 87-91 @
https://www.fullsizebronco.com/forum/21-noobie-bronco-tech-questions-flame-free-zone/455313-started-just-fine-aaahhhhh-wont-turn-off.html