There are several steering wheels and each is different. There are:
1. Early '65 (generator cars)
2. Late '65 (alternator cars)
3. Pony
Early and late '65 look the same but have slightly different guts and horn rings. Pony is a different wheel altogether.
The difference between early and late is slight but enough that you can't put a horn ring from a late on early or vice versa. The clip lengths are different and if you try, chances are you'll break a clip or two and then have to start over. My recollection is there are two concentric metal rings that screw into the base of the steering wheel, one or both of these has clips. They are isolated from each other electrically and when the steering wheel is installed, brushes contact the rings and permit electrical contact when the horn ring is tipped. The horn ring and contacts are normally held off the steering wheel with a spring. When the ring is tipped, the spring compresses and allows contact to be made across the slip rings.
Without drawings its impossible to describe these parts in a meaningful way. Even if I could, I know there are two different sets and simply trying to collect them may lead to having a mis-matched set of parts.
Replacement steering wheels come with most of this stuff fitted inside the hub. I believe the only parts needed are the horn ring assembly and spring.
There are drawings on page 59 of the NPD catalog.
The Pony wheel is a completely different model with its own parts.
You're correct in regards operation without horn switch components. It will not affect brake or turn signal operation. Be sure the brush contacts don't contact anything but the slip rings on the undeside of the wheel.
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