This looks like one of the three rudder hinges attached to the vertical
stab. And some nice repair work where rust does its damnedest to keep
you from flying. The 4130 steel part you call a "bushing" is supposed
to contain a pressed in oilite bronze bushing inside, for easy turning
of the rudder. When the bushing wears out, you just press it out and
replace it with a new one, which I have done on occasion.
T-Craft owner since the '80's..