I would get that brace welded. If the rest of the steering is sound, another area to check is the frame rail around the 3 mounting bolts for the steering box. A fatigue crack in this area of my 1972 250 allowed the steering box to rock, especially at parking speeds. Have someone turn your steering wheel while you watch the steering box to see if it wiggles. Ultimately one of my 3 steering box bolts broke causing really loose steering. After 3 times replacing bolts, adding washers, etc, I finally had to install a 5" by 8" by 1/4" thick reinforcing plate to stop the frame rail bending.
Hope this helps,