Just to add to this thread - I recently swapped a new steering wheel in my GTO and you are indeed able to rotate the wheel on the shaft several splines to make up for minor differences. The lockplate and dust cover both have a slot in them for the horn contact that allows for this rotation/adjustment.
Here's a couple pictures that show the notches that allow this rotation:

Picture source:
http://www.buickperformance.com/tilt...lumnwobble.htm
...three inches might be pushing it, but if you have a steering wheel puller, it would be a ten minute job to give it a try. You don't even have to pull the lock plate as the plastic horn contact/cam cancel ring will rotate underneath it.
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1970 Pontiac GTO
Orbit Orange Judge Re-creation / YZ RAIII 400 / M21 4-Speed
1985 Chevrolet Monte Carlo SS
5.7 LITRE / TES Headers / SShaker Hood / WCT5 5-Speed