You do not need to ream the 1/2 ton truck's king pin bushings (an upper bushing and a lower bushing) that reside in each of the steering knuckles.
The king pin also passes through the axle. If there is very little (or no) movement of the king pin in the hole in the axle, you will not have to ream the axle to fit a an over-sized king pin.
Okay let me get this straight. The bushings upper/lower are in the knuckle which has the spindle on it correct? I can just knock these out and install new ones and I should be good to go as long as the king pin isn't sloppy?
I have a drop axle in the backyard maybe I could practice on that one first.