I've been able to get handed down an 87 camero iron z that needs a lot of work. The first problem was it wasn't running most likely the battery was toast from sitting over a year. Well I didn't have time to switch the battery and needed to get it loaded into a trailer. Second problem was the steering wheel was in free spin. Could spin the steering wheel for days with ease without ever turning the tires. I got the aftermarket steering wheel off. But I need advice. There is the nut in the sender and all the components behind the nut were loose. I tightened down the nut and locked everything in. Does anyone know if that would cause the steering wheel to free spin or do I need to go deeper and starting ripping everything out to look at the teeth on the steering column???

 

Welcome to the Club and congrats on the new acquirement.
Since aftermarket wheel, look at the alum adapter the wheel is bolted to.
The alum spline could be stripped out and another install kit would be on the buy list.
If not stripped splines, check rag joint at steering box ensuring its mechanical condition.
Lastly, could be a broken steering shaft.= within the column and easiest repair is replace the column from another Camaro.