the cage like cylinder is the collapsing mechanism.  you should be able 
to remove the nut with a 1/2 inch drive socket with an extension.  there 
should be no direct obstruction, there are no rivets or anyting else to 
remove.  Look in the Porsche service manual, Haynes is pretty worthless.
Travis at Renbay has the odometer gear if memory serves.  bulbs can be 
replaced from under the dash, you don't need to pull cluster.  Be 
careful changing the odometer gear, it's easy to damage the speedo. 
I've done this exact repair on an 85, an 86, and an 87, and in no case 
did I need to remove parts of the steering wheel.  It is easier to get 
the cluster out with the steering wheel removed, but it is possible to 
get it out without removing the wheel.   Non-cancelling turn signal is 
VERY hard to fix