35truck,

Just to be clear we are talking about a 1937 Chevrolet 1/2 ton truck.

According to:
1929 - 1957 Chevrolet Master Parts & Accessories Catalog
Group # 5.451
1937-39 Passenger, Commercial, Rear Bushing, Part # 595005
O.D. 1 17/32 or 1.53125

C h e v r o L E E Rear Bushing Data
O.D. 1 17/25 or 1.680

1.680 minus 1.53125 = 0.14875, That is just over an 1/8th of a inch.
That does seem to be a lot to machine off, to make it fit.
And those bushing were slip fit and dowel pinned in place.

I do not know the accuracy of the C h e v r o L E E data but the Master Parts Cat. data seem closer to the I.D. of the torque tube housing.
1.53125 minus 1.501 = 0.03025, Which is like 1/32nd of a inch. with that the bushing would slip fit in.

Master Parts Cat. does not show a O.D. for front Bushing part # 595007

1938 bushing illustration
Chevrolet's 1938 Shop Manual Replacing Bushings & oil seal
Propeller shaft Bushing replacement
There is no mention of machining bushings so they fit torque tube housing.

In conclusion I would use bushings that are close to your torque tube housing I.D.
Tip. After the bushings are installed, slide ball housing over end of torque tube housing to check for binding.

Do you have the link to the eBay bushings?
Did you find a oil seal?
How did you measure the inside of your torque tube?