Got the leather wheel installed this afternoon. A couple of items:
1. I didn't remove the ring around the airbag but removed the entire unit - airbag and ring. If I needed to remove the ring, I think it would be easier after taking the airbag out.
2. Was able to use the T55 torx socket to get the bolt off. There wasn't a 12mm hex head available at the parts store.
3. I also changed out the 3 trim pieces. Two are held on by screws but all three have 2 prongs / clips holding them in the wheel. Pry carefully with a screwdriver and they'll come off.
After reconnecting everything and starting it up, I get a PSM Failure light.

Not sure if this will clear itself or if I have to have the dealer clear it. Will need to go to the dealer in a couple of days anyway as my maintenance clock is about to strike midnight.
All in all, this was pretty easy to do.