I searched, and found a few things for the 2nd gens, but nothing pertaining to first gens for this problem.

When I turn the steering wheel, I hear a very distinct creaking sound coming from the column somewhere. I'm pretty convinced that the noise is inside the passenger cabin, and I'm willing to guess that there's just something that needs to be lubed or tightened. Before I go tearing up the dash hunting this one down, anybody else ever come across this? Are there some common places in which I should be looking?

 

I had a creaking in my steering wheel, and found my gear box was low on oil.

 

I had had a creaking sound for many years on my 83, but only when the car interrior was warm. It sounded like a plastic-on-plastic creak. Oddly enough, it went away after I took the steering wheel off to refinish it. Not sure if this helps...

 

My Cosmo wheel does that. I thought it was the spring-loaded horn contact so I greased the flat surface a little. It still makes that weird plastic/metal binding sound when it's cranked. Weird.

Oh yeah, it's got power steering so I know the fluid level isn't low in the box.

 

What about the little plastic bushing in the end of the steering shaft shroud that supports the end of the steering shaft? Maybe it wants a little lube?
Just another possibility.