Well I wasn't really concerned about it until this morning, pretty cold & the ignition key was turning stiff. Not sure if that's a symptom but had to turn the key pretty far before the starter engaged.
Ignition Switch Key Hard to Turn in Cold in an 86; "...Every winter my key on my 86 becomes hard to turn when the weather gets cold. I decided to remove the plastic steering column cover that hides the ignition actuator rod, and using a straw on a spray can of SuperLube, I lined the straw up with the rod, inserted it as far as possible, and sprayed where the rod and actuator are attached. I then worked the key to spread the oil around on the actuator. The key now works like new. Warm up the truck so you do not break the plastic when you stretch it out to remove it, and be careful to not damage the shift indicator cable. On my 86 there is only one screw under the cover holding it on the steering column..."
Source: by Nelbur at FSB
This also covered by Ford, but involves more work;
Ignition Switch Key Hard to Turn in Cold (in Non-Tilt) TSB 95-23-12 for 89-91 Bronco, F Series, Econoline & Medium, Heavy Duty trucks
The ignition key may be hard to turn in cold temperatures on trucks equipped with fixed (non-tilt) steering columns. This occurs because column lock actuator may not be properly lubricated.
Remove steering wheel
Mark location of the ignition switch & remove it.
Remove turn signal lever & turn signal switch.
Remove lock cylinder.
Remove & throw away snap ring from upper steering shaft.
Using a light hammer gently tap steering shaft until the upper bearing is loose. Remove upper bearing.
Loosen the upper flange retention nuts until one or two threads remain engaged.
Pinch the nuts toward the shaft.
Remove the upper flange from the outer tube.
Remove the column lock actuator.
Clean the grease from the column lock actuator and upper flange using parts cleaner.
Apply silicone lubricant to the column