I ordered one of these bushing cutters last summer when I ran into a bunch of stubborn shackle bushings on my old F*rd. You could probably find a similar tool for less, but this one is nice, and after the full 10 rounds it still looks new. Sure made a tough job a hell of a lot easier.
Snap-on Catalog
Btw, those bushings should have an interference fit. If the new one still spins freely in the hole, it's a problem and poly might be the way to go.