I just replaced the cruise control switch in my '95 E320 last week. It takes about 2 hours if you have all the tools ready, 10 hours if you dont.
You will definately need the Special Air bag removal Torx #30 bit, but you can't use one bought at your auto store. It requires one about 3 inches long, an airbag antitheft feature - It is MB (P/N 126 589 00 10 00). Your dealer will charge you about $5 and will be able to get it faster than any wholesale parts shop, mine had one in stock. The toughest part of your mission will be removing the countersunk screw. It will require two weightlifters and some energy drinks. You will need a large #10 hex bit to remove the countersunk, and a torque wrench to retighten it to 80 nm.[list=1][*]Straighten your wheels and steering wheel so your wheels are straight forward.[*]Disconnect Battery and shield negative terminal[*]Use special MB tool to remove airbag using the two holes on the rear of the steering wheel[*]Carefully remove airbag, diconnect the one red plug from it, and place it in a safe normal temp area (i.e. trunk, inside house)[*]Remove the two wires coming out of the steering column from the steering wheel, note their locations.[*]Use the 10mm metric Hex bit, a regular socket wrench with an extension, and 2 people to remove the countersunk bolt. One person should sit in the driver's seat to hold the steering wheel in place with all their might. DO NOT USE THE STEERING LOCK AS COUNTERFORCE, YOU WILL BREAK IT. Stand outside the car, keep the wrench level to ensure that you dont strip the bolt, and exert all your energy to remove the sucker.[*]Mark steering wheel installed position in relation to steering shaft if necessary, and remove.[*]Remove black circular cover plate via the two sunk screws through the holes.[*]Remove the 3 screws on the bracket holding the cruise control stalk and combination switch in place.[*]Reverse procedure taking extra care to align steering wheel correctly and tighten the countersunk screw to exactly 80nm. Do not plug the battery back in until the steering wheel is completely reassembled with the airbag in place.
Let me know if you have any specific questions. The exact procedure is fresh in my memory.[/list=1]