Before I go tearing into a perfectly functioning car, let me break with tradition and see if someone has a better idea....

'74 2.0, basically original. There is a scraping noise when I turn the steering wheel. It's constant lock-to-lock, no change. If I loosen the steering wheel retaining nut a turn or two, the noise goes away. There is no play in the steering but the column will move maybe 1/32" up and down. I looked at the parts diagram, thinking there might be a spacer missing, but it all seems to be there. I can't see anything obviously wearing, either.

I really hate to screw around with the turn signal and wiper switch, since both work just fine. The anti-theft lock works as intended and nothing seems to be amiss but that damn noise is annoying.

While I'm at it, what is the correct torque for that retaining nut?

Thanks

If it stops when you loosen the nut a little. It sounds more like it is rubbing somewhere on the back of the wheel. You might add a washer on the backside of the wheel to see if that fixes it. I don't think that will mess up anything & should fix the issue

Lube the horn electrical wiper/pad. I had the same problem.

Sometimes lubing doesnt help, sometimes you've worn right through the copper on the wiper assembly or the brass on the horn contact. But while you've got that wheel apart, check the steering bearing. It may seem like the column is moving up and down, but that would mean all four Allen head bolts were loose. Possible but not likely. Usually the steering bearing. Good luck, not tough jobs and easily fixable.