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Reviving an old thread, but I searched for days until I came across this fix.
Can confirm, remove that screw completely fixes the screeching noise from the telescoping steering wheel motor. Similar to another user above, the head of the screw cracked off when I tried to remove it, so I just broke the back of the screw off using a screw driver and hammer. Clarkson would be proud.
I could tell the previous owner had tried to remedy with WD-40, as several moving parts had a little rust from their over-application.
Wanted to share my experience for the next poor soul looking for this fix as well.
Thanks internet!
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