Well... that hole (if I fully understand what hole you're talking about) is a drain hole for the clutch housing... to keep oil (typically from a leaking rear main seal or a leaking transmission input seal) from contaminating the clutch.
Now... the steering box has a hole in the bottom of it (at least the newer ones... after mid-1950... and I think this part is the same) to allow you to access the lower thrust bearing for the steering box. Maybe the plug for yours is missing, broken or not over the hole? A worst case scenario... the bottom of your steering box could be cracked.
Now... the steering box has a hole in the bottom of it (at least the newer ones... after mid-1950... and I think this part is the same) to allow you to access the lower thrust bearing for the steering box. Maybe the plug for yours is missing, broken or not over the hole? A worst case scenario... the bottom of your steering box could be cracked.
