I would first bolt a tire and wheel on---forget the bottom plug and with it jacked up grab it by the top and bottom of the tire and wiggle. If no or a very tiny amount of play your fine. If a bit more wiggle have a helper watch the bottom of the king pin/bushing and see if the bushing moves at all in the knuckle bore. If it does it's no big deal if you know a competent machinist. We clamp them up on our vertical mill and bore them to 0.050 oversize and then ream them to 0.060 before then using the Sunnen to hone them to exactly 0.0625 or 1/16". A bushing is turned on the lathe so the OD is correct for the knuckle and the ID is 0.002 under and then reamed to exact size AFTER its pressed into the knuckle. After cleaning with acetone the new reducer is pushed into place with Sleeve-Lok on the knuckle surface. Only heat can now remove it. The bore in the knuckle has had a total of 1/8" of metal removed but they were designed for rough roads and heavy loads so never had any trouble yet. We usually touch up the shoulder where the welch plug goes if it's been punched several times but I have seen a number of them held in place with a dot of weld on each side. We only do this for our own in house projects so I have no idea what it would cost at a regular machine shop.

Evan