Bigsky,
Its an expensive fix if you pay a shop to do the job and buy new parts, but pull one from a wrecking yard and get your backyard mechanic friend to install it would be the way I'd go. Jury rigging what solution you have suggested is going to cause head aches down the road.
The air bag removal and steering wheel removal are not that challenging, just BE SURE to disconnect the car's battery and then wait 30 minutes before you start the work!!!!!! Car airbag systems use capacitors to store enough electricity to fire the bags if the battery cable is cut during an accident. The charge dissipates in 20 minutes or so rendering the air bags safe to handle, so they won't explode in your face. Don't mess with an air bag if you don't follow this step. They can kill you at close range.
Here's a free download of the service manual for that year: http://jdmfsm.info/Auto/Japan/Subaru/Impreza/1996-2001 Service Manual/