This is correct! Exactly what I did when I did original troubleshooting. It is little bit PITA to find right size snap ring pliers to fit there and use mirror, however it is doable. I was not comfortable to post this solution since I wasn't sure how long it will last. Today, two years and 35k miles later it still works!

__________________

2012 X5 x35i My new toy
2005 X5 4.4 Her's (Retrofitted Servotronic Steering Rack)
2003 X5 3.0 Mine (Retrofitted Servotronic Steering Rack and Heated Steering Wheel)
2001 M5 Son's car
2000 540i 6sp Sports pkg, supercharged. Son's car (Sold)
2001 530i (Sold)
1999 528i (Sold)
1975 2002 (Sold)