It's possible to retrofit one in, but it can be expensive.
Here's somebody who's already done it:
http://www.toyota-4runner.org/showth...threadid=11903
I still don't understand why Toyota took the telescopic wheel away from SR5's in 2004. The 2003's have them and I've grown to like the feature.
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2003 4Runner SR5 V6 4x2 - Pacific Blue Metallic/Taupe Leather