That should work; when I've done mine on my 49 (and on other vehicles) I set it up so that the lower bushing was reversed from your picture, installed in the lower part of the "outside" piece. I have some done like that with a couple hundred thousand miles on them so it worked. But at the end of the day, what's important is that the pin is overall snug and the "rims" of the bushings are sandwiched between the two pieces of the hinge. Different ways to reach the same result.
