Shifter linkage clamp bushing?

[Hair]

71 GMC Powerglide
This is the clamp that holds my shifter linkage to the steering column.
The hole in my steering column is .6" diameter and the bushing that is on the clamp is only .5" diameter so there is a lot of play/slop. It also seems like the nut and lockwasher could "almost" pull through the .6" hole. When I removed it, the bushing had a bunch of, what looked like, teflon tape wrapped around it. Looked like maybe some one had tried to rig it up.

Am I missing something here? Is it supposed to be that sloppy? Is that bushing supposed to have a rubber bushing around the outside of it or something?

My shifter had a ridiculous amount of slop in it, and I found most of it in the worn out shifter linkage at the transmission (fixed that), but I'm thinking that something may be missing here as well.

A picture of a correct one or and info would be appreciated thanks.