It works great for a lot of things, that, Motor Honey and similar products I have used on the open gears of my old lathe, it acts like spider webs when running and doesnt sling off, Used to use for assembling small engines of snowmobiles and such to hold needle bearings in place and as a break in/assembly lube for them, coated many a gasket with it for better sealing and ease of removal etc.
It will work fine in a steering box.
Steam turbines and such used no gaskets, would just assemble with triple boiled linseed oil, always wanted to try it instead of head gaskets on a off road test vehicle after making certain the heads and deck were completely flat.

55 Vicky & customline
58 Rack Dump, 55 F350 yard truck, 57 F100
59 & 61 P 400's, 58 F100 custom cab, 69 F100, 79 F150, 82 F600 ramp truck, 90 mustang conv 7 up, 94 Mustang, Should I continue?