Machining for the CB416P will cut a divot out of the rod bolts- - - -the CB416B has an OD of 2.436/2.437", while the correct conversion bearing for the Babbit rods is only 2.403/2.404". The 416 bearing is also almost 1/8" narrower than the correct bearing. That might work, but I'd strongly recommend using the right bearing for the job if you can acquire them. The conversion bearings also have the holes drilled in the proper location to align with the dipper holes. The CB416 bearings for the later model 235's will have to have some holes drilled in different places, and you'll need a groove cut in the center of the bearing to provide 360 degree lubrication. You will end up spending far more time and money than either rebabbiting your rods or using the correct bearings. Your money, your choice, but I've converted a couple of hundred rods this way, so I can speak with the voice of experience.
Jerry