Yes, you shouldn't have to much trouble bypassing the keyed switch, and you should be able to set the wheel lock to stay open all of the time. You just need to remeber that anybody who pushes the button will be able to start your car and the steering wheel will turn freely. You caould probably find the parts you need in a scrap yard for next to nothing, and the repairs shouldn't take much time. I would highly recomend a Haines manual if you don't already have one.

Edited to add: Being that an 82 Olds is probably the most desirable vehicle ever produces, you should take great care to prevent it from falling into the hands of those who would use its awesome powers for evil.

Hot wiring? I would never suggest such a thing. Where would I have learned a skill like that? High School autoshop actually. The Haines manual will have detailed wiring diagrams for your vehicle, they can be bought at any auto parts place for about $13, an ignition switch is merely a switch that opens a circuit that powers different systems in your car, one solution would be to remove the wires from the switched circuit (this is what is refered to the hot wire) and connect them with a simple toggle or rocker switch, and then remove the wiring from the actual starter circuit and install a momentary switch to engage the solenoid, you must take care not to hot wire the solenoid along with the switched power circuit as this will cause the starter to run as long as the switch is turned on, and your starter will die after about forty five seconds.

Edited to add: the wheel lock is a bit easier, you grab the bottom of the steering wheel firmly with both hands while you are standing outside of the car on the drivers side, then you force the wheel to turn, it will take a good hard pull, soon you will hear a loud pop and the wheel will turn freely. after this has been done you will npo longer be able to lock the wheel if you do replace the ignition switch. My best advice would be to get the Haines manual and replace the ignition switch, using junk yard parts (just make sure they give you a key to your new lock cylinder), the whole project including the manual should come in at about $60 not including any trim peices and column covers that you might wat to replace.

actually that would be real easy to wire up, probabaly the easiest circuit of teh whole job.