David from the MGBBS once wrote this about the removal:
"No, you do not need to drill out the shear bolts!
Once you have carefully lowered the inner end of the steering column (and counted the washers and memorized how many went where), you can remove the plastic bubble that protects the signal switches, etc from DPOs and see the two bolts. Take a Dremel tool with a cutoff wheel and carve a lovely slot in the end of the bolt and use a flat-bladed screw-hammer to remove it. Not a big deal at all.
It might be necessary to disconnect the steering column from the rack, but you certainly do not need to remove the three bolts where it goes through the firewall, much less remove the column entirely. It is quite possible that your problem is caused by the mechanical portion of the locking mechanism entering the steering column and that a bit of light grease here would make your life better.
David "At least it applies to LHD models" Lieb"