I'm pretty sure I remember us doing this sort of thing to a Series 2 forward control steering column back in the 1980s, but the later ones I don't think can be repaired in this way. When mine developed a crunchy feeling and stiff spots as a result of the bearings giving up, I merely bought and fitted a new column as that seemed the easiest thing to do. I mentioned it to the man in the garage where I get my MOTs and he said he just buys and fits the whole column too.
I'm not saying it's impossible - I'm sure it would be feasible if you had the time and tools - but I don't think the later ones are designed with repair in mind.