Hello, Alimac,
Re rust/degrading: No.
Extensions are made of aluminium or carbon, not steel, so they cannot rust.
Use the blade to lift up the end of the split ring onto the body of the extension, then use your finger (or blade) to work the rest of the split ring onto the body.
You could always remove the split ring and, using a vice, open it up a bit. This takes a fine hand: too much and the split ring won't hold in the groove, too little and you're back to using a screwdriver.
Like gybes, keep on practising