Check these posts,
there are some good ideas on steering.
http://www.wellcraftv20.com/cgi-bin/...690716;start=0
I think the nut you are reffering to is the Lube nut?
I had to take my steering cable out of the engine
and clean the tube, it was a beatch, but mine was completely frozen.
Your s is free yet , so it won't be that bad a job to
install teh nut.