Oversize king pin kits are usually or always the pin diameter, not bushing OD.
If not to sloppy using loctite bearing retaining compound on the bushing OD sounds like a great idea to me, and for sure have the pins installed for alignment during setup.
I've done it once, and it seems to work out well.
I think the factory plan for the 1/2 ton busings to be completely floating, and therefore wearing the spindle bores is a really lousy idea. By fixing the bushings in the bores you're left with the exact same setup the larger trucks use, and no more wear in the bores in the spindle.
Grigg