My questions
-Is the gear box supposed to be filled with some kind of gear lube or is full of power steering fluid??
-I took the top of it off and now the adjustment screw is out of adjustment, how should I adjust it back?
-How do I figure out if I have the faster ratio or not?

Thanks

It's filled with power steering fuild and you count the steering wheel turns from lock to lock to figure out your ratio. 3 turns roughly is considered pretty fast where as 4 to 5 turns is standard. To adjust you have somebody move the steering wheel back and forth while you take the play out with the adjusting screw. Sinch down the lock nut when done. It's a touchy job and most people over adjust it into a bind.
Roger

yes, it is touchy. I adjusted mine once to where I "thought" it should be. Made the steering wheel real responsive too. The only problem was it would only turn in one direction.

Neither of the above methods will properly adjust your Saginaw steering gear or identify it. Do a little reading here (http://www.corvettefaq.com/A-Car.asp) for the correct method.