It's my experience that you don't really need the wings on the retaining ring. My Sprocket designs call for cutting one of the wings off, and even then, I decided to glue them in place, rather than put the screw in them. So you should be able to get away with just making the main hole, cutting off both wings, and gluing the retaining ring into whatever bracket you've got going on.
Yes, that works. With the first Maverick. I used base wood which was very easy to use, and why i included the wing screws. With the clear version. All i used was just the center gear part. it works great.