the key with the replacement column will not work with your PATS security module without reprogramming, as it will not be recognized. of course, you can transfer your old key/lock to the replacement column.
the cruise control buttons always disintegrate on these steering wheels. replacements are available for much less then $135 and they come with the switches for the right-hand side too.
i suggest you remove the trim collar from the steering column (couple of screws underneath) and check the O/D wires. you can also pull the O/D switch and check it. i'd do those things before replacing the column, but it's your time and money.
BTW, i don't know that the B/U lights or rear defroster are part of any inspection procedure. are you sure they work? pretty easy to just check the fuse instead of assuming.