I have done this safely on my 560SL. I suspect the procedure is identical on your 124.

Removing the air bag
is DANGEROUS. If you must do this yourself, do the following steps.

1. Remove negative battery cable. Place or insulate it so it cannot contact the battery.

2. Wait 20 minutes

3. Locate and unplug the large red SRS connector. On my car it is under the passenger side foot rest (front of the floorboard). Remove carpet for access if yours is there too. After carpet is lifted, you will see a removable panel with an SRS warning label on it. Four hold downs.

4. Unscrew the two screws behind the center pad retaining the air bag. They are #30 Torx. They are tight but not too tight. Use a 1/4" socket on your Torx bit for leverage. You will need a long shaft Torx bit.

5. Carefully lift off air bag assembly and unplug the connectors. Place airbag in a safe location CENTER PAD UP.

6. Remove center bolt. It is a flat head 10mm hex. It will be very tight. Use air impact driver.

7. Steering wheel will lift easily off splines. You may want to mark straight ahead position before you do if it is not clearly marjked already.

Good Luck. It is still best left to the professionals.

That's it. Don't skip any steps if you want to be safe no matter what anyone says.

So much for the airbag. Now I guess you will have to fend for yourself with the Windbags.