I'm in the process of replacing the rag joint/coupler on my 69 Z with power steering. The new joint is designed slightly differently, but there is a connection between the flange attaching to the steering column, and the coupler splines which engage the steering gear. I verified this with a VOM meter.
As an aside, I've attached a pic showing my original unit's worn down splines. If you still have the 50 year old joint on your Camaro, I'd be checking it. You could be close to a steering failure disaster.