Re: steering clearance
I've seen lots of them much closer than 3/4 inch. Never heard of a failure. I don't think they have any plastic parts, so about all that could happen is the grease gets hot and thin. But they don't really work hard, not like a driveshaft u-joint that spins thousand of revolutions per mile.
What kind of headers do you have? Cast iron should radiate less heat. Also coated headers are NOTICEABLY cooler than uncoated. It will mitigate the issue to have coated headers. Or you could install header-wrap where they pass near the joint.
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