It's not electrical guys, nothing in the column can get that hot. I'm sure it's heat coming up the steering shaft. There was a cheesy nylon bearing down there when new. They only last so long and then fall apart and let engine compartment heat to rise up into it and into your car.
Need to positively seal it up to fix your problem.
Bill from A&M Hitech sells new plastic bushings to go down there, that's the correct way to fix it.
My 74 challenger has this one year only metal bearing down there which is very nice compared to the plastic deal. As you can see no air can go up there and my lower steering shaft is supported well.
Actually this is my 71 column that I used a 74 bearing on.