Grease might be tough. Working some kind of solvent (eg kerosene) into it to liquefy it might work, but that might further damage the seal. However, chances are the seal is already toast (hence the grease).
Usually you can just loosen the compression nut on the face of the steering box and the oil will slowly run out.
The only advantage of the Penrite IMO is that it is very thick (sometimes called semi-liquid grease) and slow to leak out. I use Valvoline full synthetic gear oil, which IMO is a much better lubricant and lowers steering effort. But, your box & seal need to be in top condition, or it will leak out quickly. (Mine still leaks a little, but not much.)
As a side comment, I struggled for many years with a worn-out steering box. I believed others when they told me "They all steer like that", and more or less just lived with adding oil to the steering box every time I added oil to the crankcase. Then I finally bit the bullet and rebuilt the box on my (former) TR3A. My overriding impression was "Why didn't I do this years ago!?". The difference was simply remarkable, and now I know that they don't "all steer like that".
On the 3A with the split steering column, I did manage to get the box out without removing the front apron. Still not sure if that was actually easier or not, but I got it done. (Had to take the engine mounts loose and jack the engine over to one side, plus remove the horn and maybe the upper crossmember, not sure about that offhand.)