Ellis, I had a look under the dash of my CAV and nothing like your ring is under there or on the steering column. My bet is a towing eye but as suggested earlier you many want to contact Johann or Jean at the factory.
It must not be needed if all the BRAIN power here doesn't have a clue. I'll put it in the big box of unused GT40 parts that I've collected over the years and who knows I may be able to build another car some day.
I liked the bottle opener idea but that doesn;t work either.