Back in 2011 I did the somewhat popular Jeep steering shaft swap in my '94 C2500LD, to replace the original shaft that had some slop in the upper joint. As many of you know the Jeep shaft has a semi-fixed joint at the top with an integral rubber damper of sorts, and a U-joint at the gearbox instead of a rag joint.
The shaft I installed was used but appeared to be in excellent shape. Now, it has failed. The rubber insert at the top has become loose in its housing and "squeaks" left to right during turning, with nearly 1/2" of play, only stopped by the design of the housing which appears to be a safety feature in case the rubber fails.
The failure -may- have been accelerated by exposure to heat. I sold this truck a few years ago to a friend that installed headers, and they sit closer to the joint as well as radiate more heat than the original manifolds.
(The pics make the distance from header to joint appear much closer than it really is; from looking at it in person you may not think it was close enough to be a problem.)
Gap to the left in pic -
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And to the right -
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So while your mileage may vary, my experience says - do NOT do the Jeep shaft conversion in your GMT400 truck. It sits too close to the exhaust. Insulation of some kind MIGHT help...might not; while it's unlikely to catastrophically fail due to the design, it's going to wind up giving you noticeable play in the steering.
Richard