I got mine done today. I used silicone and also ground down the steering column shaft a bit with my dremel tool (took about 1 minute). It threaded in fine, but I wasn't positive the bolt was all the way in so I thought what the heck. I used the highest spot where it threaded as a reference to know where and how much to grind.
I basically filled half the tube with silicone before I put it together. Then after assembly was complete I ran some around the joint with my finger. Is this good enough?
Taking my old one off was easy as pie. In the picture below you'll notice a retainer/release on the old shaft. I put a pair of channel locks on it and compressed it and then used a screw driver to pry the rag joint up/off.
I forgot to mention how easy it was to put the top half on. I tried prying it open in a vise with not much luck. I put it in place and took a regular hammer and tapped it on. No beating/banging required.
Here's a pic of the old one:
Here's a pic of the new:
Thanks to Everyone that posted with good results and issues they had. I was comfortable knowing what I was getting into and what to look for.