The column actually is designed to collapse, albeit with 1970's technology. The upper column mates with the shaft that extends (from the front) through the footbox support. A clamp holds the two parts together and, if the force is enough, will allow the parts to slide together. Probably not fancy enough for today, however.
Unfortunately, I'm not familiar with what is currently available to do the job.
borgeson.com may have something, but their site is not working for me right now.
Here's a listing on Summit Racing. The bottom connection (to a Mustang II input) is easy. The upper might require some machining and/or welding.
https://www.summitracing.com/search/...rder=Ascending