OK, so I didn't blow the airbag. I did turn the APS off via the VDS - interestingly enough, the VDS stayed on and the button changed from "Disable APS" to "Enable APS." I let the car sit with the charge port door closed, key removed, and both doors open for over 15 minutes before starting work. It was as straightforward as the directions in the first post state. When I was all done, I hit the "Enable APS" button and all seems well with the car.
Here's the final result:
Some of you may recall my cleaning mishap a couple years ago (
http://www.teslamotorsclub.com/showthread.php/5918-A-tiny-paint-smear-730-to-fix%21). Turns out that all I really needed to do back then is remove the two 5mm hex head bolts (one on either side of the steering column), and pull the airbag assembly out a tiny bit in order to get masking tape behind it. Then it would have been easy to touchup. At the end of the day, it's really simple to remove the airbag, and I could see how easy it would be to remove the steering wheel as well, but I didn't need to do that to wrap it.
Anyway, that ring is part of the airbag assembly, not part of the steering wheel. And remember, the ring is not clear coated and a heavy duty cleaner can remove the paint. With the airbag removed from the car, it was a lot easier to get a smooth wrap on it.
BTW, you can also see the CF wrapped center console button surround. With those and the leather wrapped door handles, I've now gotten rid of all the brushed aluminum except the two rings on the parking brake. The top ring has a 90 degree bend, so I don't think that will wrap well. Right now I'm thinking of black pasti-dipping those rings.