I've used the bolt method, 3/8" grade 5 or 8 worked fine and turned some bushings and tubes on the lathe.

I've also used a ball joint press, and this is by far the simplest and fastest method I've seen for both removing and installing them, even the ones in the frame.
Here are a few links to some, but the main part you need is the big C-clamp looking part, it has a round hole in the end that the bushing passes through. You may or may not need to make or find some other adapters or pins to use with it.
http://www.amazon.com/OTC-7249-Ball-Joint-Service/dp/B0002SRGXY
http://buy1.snapon.com/catalog/item...1&store=snapon-store&dir=catalog
http://www.amazon.com/JOINT-U-JOINT-C-FRAME-Press-Service/dp/B0033XYBC4/ref=pd_sbs_auto_2
Not sure how good the really cheap ones are, but they are cheap enough it my be worth a try. I've used some of the better ones and have no complaints.

These presses are also handy for U-joints and many other task, they are really strong and can push more than you may expect.

Grigg

•1951 GMC 250 in the Project Journals
•1948 Chevrolet 6400 - Detroit Diesel 4-53T - Roadranger 10 speed overdrive - 4 wheel disc brakes
•1952 Chevrolet 3800 pickup
---All pictures---
"First, get a clear notion of what you desire to accomplish, and then in all probability you will succeed in doing it..." -Henry Maudslay-