I was thinking that perhaps the 67 Mustang 390 non-tilt steering column (with rag joint) might have also been used in the 67 Cougar, since all Cougars had rag joints. Focusing on two main parts, the tube (3514) and the shaft (3524):
3514:
Mustang* - C7ZZ-3514-C
Cougar - not listed in the 65-72 Mercury MPC
3524:
Mustang* - C7ZZ-3524-B
Cougar - C7ZZ-3524-C or -D
* = 390 non-tilt application
Based on lack of information, I can't determine whether or not the tube is the same. Does anyone have knowledge about this?
The shaft from the Cougar will not work for the Mustang application. I suspect that the tube will not work either.
I've had a few people ask for help in finding one, and they are not easy to find, so I was looking for an alternative.