I think 1 7/16" is the width or length of the bushing.
The I.D. shows 1.602 to 1.603 picture
1 9/16" converts to 1.5625
1 39/64 converts to 1.6094
1 5/8" converts to 1.6250

The bushing in the picture is real close to the NOS 1 9/16" I.D. in the parts manual.
I would buy the GM NOS part.

Fraction Decimal chart

1954 Chevrolet 3105 Deluxe Panel Truck
w/Factory HYDRA-MATIC