I expect that the wear in the housing would not be equal in all directions, so you are probably left with an ovalled hole, rather than just a large hole. And it would be tricky to get a bush to fit and keep things aligned correctly without machining the housing.
Also not sure on the hardness of the shaft, but it would certainly be harder than the housing / bushing, although maybe still machinable.


				
				
				
					
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