Pics would really drive home the point of the rack shaft. I'd call it more of a seal than a bearing since it's really sealing the inside of the rack from the outside.
I did this a couple years ago myself as well and it was very easy and I don't regret doing it for a sec. Low speed manuvering is MUCH better than just looping the lines. Still not as easy as w/ PS, but nice nonetheless.
Nice writeup.
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