I don't remember there being any keys in there... just plastic bits to create a snug friction fit that won't rattle. Those plastic bits can break down for a number of reasons and let the jack shaft rattle. they also increase play in the column. Not good things.
If you can get a replacement that is the better choice. It may be posible to fix it but it isn't worth the risk of the shaft not telescoping in a wreck if you do it wrong.
In Fiero's case, I think both the jack shaft and the column can colapse in a wreck. The mounting braket can also break away from the dash frame if you are slammed into it. Even the steering wheel itself is made to colapse. You want all the give you can get in that system.
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The only thing George Orwell got wrong was the year.
The Ogre's Fiero Cave (It's also at the top of every forum page...)