My steering wheel had some significant play in all directions, so I took the bugger off. The plastic thrust ring (the clear one, see picture) had completely disintegrated, so I ordered a new one.
Picture credit goes to kcoyle.
After receiving, I re-greased the upper bearing, reinstalled the ignition switch assembly, inserted the trust ring as far as possible (only about 1/2 of the way), and reinstalled spacer/blinker & wiper stalks/wheel. I used the steering bolt to tighten everything down, presumably pressing the thrust ring into place. Bad Idea™.
The black plastic spacer spread out and put a little undue pressure on the windshield washer stalk. I managed to get it off, but the thrust ring is pretty cracked and exceptionally tight. I've managed to move the ignition switch assembly a few fractions of an inch with a hammer and a pair of vicegrips, but it's going to take some serious effort to get it back off.
I'm pretty sure I'm doing something wrong here, as I assume the thrust ring is neither supposed to sit 1/4" off the bearing nor fracture on installation (though I could be wrong). What's the appropriate way to put this thing on?