Power steering column rebuild...?

So I have browsed a few of the rebuild threads and must admit there is a wealth of knowledge here.

My initial idea is to source a bearing, $4 ebay special, that would allow me to retain the shifter tube in hopes of making the indicator on the column function with a ratchet shifter actually doing the shifting... I realize the factory setup was made to use the rod in order actuate the linkage on the transmission. What I am wondering is - could I remove the shifter from the column in the car and the locking mechanism which requires you to pull the handle towards you to shift from park yet get the column to function normally using a ratchet shifter...? Curious to see if this has been attempted or if someone with a higher understanding of the internal workings of the column could tell me if this is a waste of time...