"Michael Horowitz" wrote

And what if the hole is whollowed out such that rod or any drill bit
you have doesn't touch the bushing walls evenly?

Depends on the style of bushing, and if it is installed in a larger
structure, at present.

If it is bushing with a flange, level the drillpress table, by chucking the
rod, then using a good square to get the table perpendicular in all
directions; then clam the bushing and drill.

If it is without flange, and rather tall, chuck up rod, get bushing clamped
so that the outsides of the bushing is parallel to the rod, and drill.

If you have access to a lathe, chuck the bushing, and tailstock drill it.
--
Jim in NC