yep, grind off the lip and it'll go right into place. I suggest putting a good thick high temp grease on the ball though. I sprayed lithium grease on it and I've now gotten a few squeaks out of it. I'll put some axle grease on it soon.
As for the monster knob, I debated buying one. The resin should not get too hot or cold (like a cue ball) and is exactly what i'm looking for when I get rid of the stock leather knob.