You may need a larger diameter bolt. I've tried this using things like 5/16" all-thread and it never worked for me. Large in this case can be good. Good luck. Using a hammer and the new bushing to drive out the old one sounds to me like it might just ruin the new one?
Jon


~ Jon
1952 1/2 ton with 1959 235 | T5 with 3.07 rear end