Mercury Repair Questions? Ask a Mechanic for Answers ASAP
You may have a busted bearing in the column.
I don't understand your questions what should be done for safety about the air bag. Do you mean while working on the steering column? If so, then disarm the air bag and arm it when done working on it.
If you mean you are afraid the air bag might deploy because of the condition of the steering column, well then you should weight that with the fact that if you disarm the air bag because of the thought that it might go off, think about if you get into an accident and it don't go off. I would much rather it still ne armed.
Let me see if there are any bulletins out on that steering column and in the meantime, here are the instructions for removing it, disarming and arming that air bag.
I don't see any bulletins out on the steering column except for the leather coming loose from the steering wheel.