I'd almost agree except for a basic reason - you may need the locking pin to loosen/tighten the steering wheel bolt.

The PO on my 300CD hacked the whole ignition set up. His method of disabling the steering wheel lock was to jam a sheet-rock screw into the locking pin shaft and then grind it flat. It did a super job of holding the pin back. But then he couldn't tighten the steering wheel bolt correctly so he loctited that in place.

I couldn't break it free (no leverage to stop the wheel from spinning) and I didn't want to overtorque the collapsible steering tube. I ended up removing the steering column, disassembling the wheel/horn assembly, putting a micro-torch on the bolt and removing it.

I could then proceed with a straightforward reassembly of the dash.

Without the loctite, maybe turned fully against the stops on the Pitman arm/steering shaft may be adequate to loosen/tighten the bolt but you're still torquing it against a corrugated tube that's designed to collapse that connects to a rubber bushing, instead of the metal locking pin near the bolt.

Just an observation on a potential "unintended consequence" of cutting/disabling that pin.