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The boot on the cylinder can easily be replaced fo $10 and you can pick up a rebuilt power steering pump for about $50 from Auto Zone. So as long as the cylinder is not bent I would just replace those parts and keep the power steering. I switched to manual on a 67 I had once and it is very hard to steer since the gearbox on a manual steering is a different ratio (19:1 vs 16:1). I would also check and make sure it is not a hose leaking instead of the pump since they usually don't leak.