Reading one of the books on our cars, I think the Haynes +8 book, it suggests the airbags as fitted by Morgan are self contained units, so they only need a power supply.
Removing the steering wheel one might cause the air bag warning light to come on, but might not. I suspect there is a way to "fool" the warning light.
The federalisation was done by the US importer of the day, I think - but I may be wrong.