Re: telescoping steering column
It should move over an inch more like 3-4. Some of the early build date E34's with drivers air bag did not have the adjusting lever. If you have the lever or on the later models the stalk on the steering collum will move or allow at least an amount equal to the above.
If yours does have the lever or the stal (electric), check the large nut at the base of the steering shaft behind the panel and pedals. I bought one at one time that the nut had been tightened too tight and it would not budge until I loosened it. You can also lightly lube that telescoping shaft a bit to make it move easier. It's easier to put a wrench on the nut, put the key in the ignition and turn on (not start) so the steering wheel will turn. Hold the nut with the wrench and turn the steering wheel.