The easiest way to explain this might actually be to remove that short shaft and play with it - it the joints are binding (or seizing) they cause a cyclic tight-loose-tight-loose effect as the shaft rotates - this is what Frank was referring to as "notchy".
It's usually caused by the U-joints in the column, but, I have in one case where I had that tight-loose feel, has the problem be the rack itself.