Way too close to the column's bottom bearing. You'll fry the grease and seal. I'd angle the column to the fender by 3/4" and use a different 'universal' further up, to the steering wheel. Adapt a big old 3/4" drive universal joint inside the column...
I will be moving the column as far away as I can and will be building a heat shield for all of it. The pic makes it look closer then it is, The end of the column is about 1" away from the header. I cant move the column into the car at all or I would. It is already at the end of the oval holes, and is welded to the base plate. I may have found a shaft, Jeep grand cherokees use U-joints at both ends, and fit right in. I will not only gain clearance I will be eliminating the sloppy rag joint at the same time.
I got a steering shaft, and it fits great. I didn't have to modify it at all, it slipped over the end of the column and the bolt went right in. I have about a fingers width between the header and the shaft at the tightest point. Oh, and before someone catches it, I will be replacing the bolt with a grade 8, I didn't have one long enough so I put in what I could find.