When I had my interior out, I noticed that the telescopic function of the steering wheel wasn't working properly. It was extrememly hard to push/pull back and forth. I could barely get it to move. I honestly thought I was going to bend the wheel at one point. Mind you the vehicle was sitting around outside for years, so the humidity cycles took their toll and light surface rust formed around the movable cylinder. I simply lubed the inner cylinder with some water-proof bearing grease. I was orginally going to use a universal synthetic lubricant, but I didn't want the wheel to be too easy to move. After applying the grease and push/pulling the wheel back and forth a few times, full functionality was restored.
The movement is smooth as butter now and that grease aint going nowhere.
Unfortunately, the surrounds will need to be removed. As others have mentioned, the plastic bolt holes strip/break extremely easily. I went through 3 sets. If you break yours, hit me up. As I have several unbroken tops and bottoms laying around.
Also, I'd be careful throwing the phrase "telescopic my ass" around; if you know what I mean.