Heh, that would do it... I wish there were some decent diagrams of this somewhere. The 924S PET is distinctly unhelpful (illustration 403-05 shows the support ring facing down on top of the clamping sleeve, and doesn't show the ignition assembly at all).
Incidentally, some searching turns up that Ian from 944online has a third method of installing this thing, namely inserting it from the back of the bearing on the ignition assembly.
Picture credit to Ian @ 944Online.
I'd imagine this method also required significant quantities of grease. I'd probably go white lithium (Murphy) because it's generally considered "plastic-safe". Can't speak for red lithium.