More Help Please...Wiring in steering column

My '66 coupe (3 speed manual, C code V8) has a wiring loom that is in a terrible state. Some of it has been replaced (very well) by the previous owner, but what is left is just a real mess, and it's difficult to tell what should go where.

At the bottom of the steering column, just below the dash, the main loom exits the column, and a there is another wire all on it's own just hanging there, not connected to anything. I know this is original as it appears in the exploded diagram of the steering coulmn in the shop manual. Any ideas what this should connect to? The wiring diagrams aren't very clear on this.
 
Ha ha - Blue. The chump left it in place when he re-sprayed it (blue). I've scraped some of the paint off and the wire looks green, but if there is a tracer in it couldn't tell you. I need to wipe it over with some paint remover and get back to you.

Nothing works on the car, I'm trying to peice it back together, thinking maybe I should rip it all out and start again...
 
Are you sure there is just 1 wire alone? Mine had a plug with 6 wires in it, and a plug with 2 wires in it (I just rebuilt my entire column). Here is a pic of what mine looks like

DSC000571.JPG
 
It will be a challenge to figure out what everything goes to, but it can be done. You could start over with a new harness which would ensure that you got rid of all the old wires and their demons. Beware that this is a huge, huge challenge that you have undertaken.
 
No wonder the car was so cheap! Before I bought it, I checked it over and saw a fancy new loom under the hood...little did I know that under the dash it was cut and spliced!

I'm an electrical engineer by trade, this should be a doddle, but vehicle wiring is just sooo flaky.

Anyway, the picture of the rebuilt steering column (Thanks gp001) made me say something rude that I ain't gonna type here...mine clearly has something missing.

I'm gonna strip it out and start again.