Now that I've completed this myself, I thought it worthwhile to add some additional input and offer up some details.
First off. It is pretty straight forward. If you've got access to a MIG welder, even better.
Following Brian's write-up you should have no trouble at all completing this task. Here are some things I've done different (slightly) for those (like me) who don't have ALL the tools required (TIG for example).
The biggest difference in how Brian did it versus mine was not the modification of the rack itself (I removed all the same bushings and removed the metal spring from the o-ring as well) but it comes when dealing with the quill housing.
I didn't have a TIG or access to one even. The threads are M12x1.25 and M14x1.25. The depth is up to you really, but you will need to order/find set screws this size to plus those holes. I added some teflon tape just to be sure. Its not a pressured system any longer, this is more to keep dust/debri out.
Also, during my rebuild, I had a torn dust cover for the rack. For those who have been faced with this as well, or just want to replace them here are the parts #
Beck Arnley (makes most of Mazda Genuine Parts):
Drivers Side: 103-2689
Passenger Side: 103-2691
They are two different sizes as noted in the image below. The smaller of the two goes on the passenger side. The larger on the drivers side.
Other than that - Brian's write up is spot on. Just wanted to add what little bit I could.