The combo switch isn't bad. I replaced it on my former E320 wagon many years ago.
Essentially to do this, from my memory:
0.5) Extend the steering wheel outward as far as it will go. Turn key to release steering wheel from steering lock.
1) Disconnect the battery.
2) Disconnect the red airbag connector behind the passenger-side footwell
3) Remove the two screws that hold the airbag to the wheel, from behind. I believe they generally use Torx bits.
4) Pull airbag off of wheel and disconnect airbag electrical connector at wheel.
5) Mark steering wheel position on splines with a Sharpie(TM) marker
6) Use a 10mm Allen socket (3/8" drive) to loosen bolt at center of steering wheel. Note that you WILL need a helper to hold the steering wheel so that it does not hit (and possibly break) the "lock." DO NOT use the "lock" to hold the wheel -- use a strong helper to hold it. A breaker bar or long handled (18"+) socket handle is advisable to make this step easier.
7) Pull steering wheel straight off of splined hub.
8) Undo the screws that attach the turn signal stalk mechanism to the steering wheel. Note that the cruise control stalk (IIRC) slides into the base of the turn signal stalk -- it is a separate mechanism.
9) Remove the lower dash cover next to the steering wheel, and unplug the dense electrical connector.
10) Remove turn signal lever mechanism from car.
11) Plug in replacement turn signal lever mechanism under dash, after routing cable from steering wheel area to proper location.
12) Re-assemble turn signal mechanism. Procedure is the reverse of removal.
It should take you well under an hour to do all of this, taking your time and taking care.