There's what's called an "ignition actuator" in those old Ford columns (Mid duty trucks kept the same column as the 80-91 pickups/broncos had) that is the link between the lock cylinder and the rod that actually operates the ignition switch. It breaks and causes issues like you've got. Takes some column disassembly to replace but there are plenty of youtube and forum write ups on the topic with varied levels of hackfuckery to make it easier.