Most likely the cruise control switch and/or the wires going to it. The wires are usually pinched and broken over time by the tilt steering wheel. I'd start there, should be 4 wires under the steering column cover going to switch.

 

Check the brake switch. It is a common problem that will stop the cruise control engaging. I had the same issue together with the brake lights saying on and it was fixed with a $15 brake switch.

 

That's possible as well, my 93 SCSB did the same thing and it was pinched wires severed in the steering column. My 07 has already had 2 break switches fail, but that's more a problem with 99 and up gm trucks.

 

If im not mistaken, there's no light in the dash on that truck, but I can tell you that the multi function lever assembly is most likely the culprit. If you're speedometer is working, check the brake switch for proper function. After that as long as you have power where it should be you'll likely find the tiny wires to the switch are broken inside the column (from tilting the wheel up and down over the years) or the switch in the lever has simply failed. It's actually very common.

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If im not mistaken, there's no light in the dash on that truck, but I can tell you that the multi function lever assembly is most likely the culprit. If you're speedometer is working, check the brake switch for proper function. After that as long as you have power where it should be you'll likely find the tiny wires to the switch are broken inside the column (from tilting the wheel up and down over the years) or the switch in the lever has simply failed. It's actually very common.

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Where would the brake switch be?

 

Second question, are the possibly broken wires inside the steering column, or running along the side of it?

 

If it has a tilt wheel, it possible. My 1989 Silverado had broken wires, right at the location where the wheel tilted, and that was with a truck still in warranty.