Sounds good. Just be sure to cut a few thousandths at a time- - - -it's easy to get impatient and make too big of a cut as you approach the proper diameter. Use lots of lube- - - -90 weight rear end grease makes a good substitute if you don't have access to machinist's cutting oil. The king pin should be a snug slip fit with just a little thumb pressure when the bushing is reamed to the proper size.
Good grief! That price is highway robbery! Check out Victor Machinery Co. before you buy anything.
www.victornet.comTheir reamer that size is about $30.00 but it doesn't have the extended shank and tapered alignment fixture. Drop me a PM and I can suggest a way to adapt the less expensive reamer to your project.
Jerry