Irritating Squeak

[MGG]

I have an irritating squeak which makes for a very unpleasant drive in my 1934 BB truck. I have found it to be a loose connection and badly worn pad where the column drop bolts to the underside of the dash. I want to replace this pad and it looks like I can remove the two bolts from up under the dash, pry the column down just enough to get the old pad out and the new pad in, and reinstall the two bolts.

Has anyone ever done this? Is there anything I am missing or is there any other trouble I can get myself into? I know I need to be careful with all the under dash wiring. I am tempted to just shoot some WD-40 or penetrating oil into the area.

Thanks