guyyoung,
Did you freeze the replacement bushing before installing it into the seat?
As you and I discussed, it looks like that replacement bushing is not original-style, in that it has two metal inner and outer sleeves. The original rubber bushing was most likely vulcanized right inside the 5.4503 seat.
This style of replacement-part makes this replacement/repair a lot easier and a lot less costlier than having the seat/bushing/sleeve vulcanized together:
Steele Rubber ($96.80 x 2):
Seat, rear spring. Exchange item only. Send in complete casting with metal sleeve bushing. Please allow 3 weeks for service. Replaces #3652182 for all 1/2 ton pickup trucks.
60-0619-35.....$ 96.80/ea.