A Sloppy Mate

[MRusty]

I am trying to get a ring type part to follow a rod type part. The hole in the ring is larger than the rod, and should be able to travel the rod at any angle until interferance occurs. The Ring part should also be allowed to tilt at any axis point (not just its center, or any other "selected" axis point). Path Mate isn't working because it locks a certain point on the ring into position, and pivots the ring from there. What I want is a really sloppy Mate that is limited to a path.

Any Suggestions?

Here is a Pic to help understand the concept.