i'm not 100% sure, but i think the hub or back side of the tilt/telescopic wheel will bottom out on the regular column housing when tightened up.
also, the tilt/telescopic column is a saginaw built item, and shares some GM parts, including the spline diameter and count for the steering wheel hub.
i fabricated a complete column for my 1933 dodge humpback panel delivery using just the tilt/telescopic knuckle, the turn signal switch, and the brushed stainless cover that hides the telescope mechanism.
i also fabricated a removable wheel mount with horn contact for this thing, but that is beyond the scope of this thread.
if i remember correctly, i think the tilt/telescope wheel is a different diameter at where the wheel and column cover match up. [where the stainless cover bolts to the bottom of the wheel.
the picture is the 73 or 74 newyorker column i started with for the mechanism, and the finished column for my hotrod.