I made up a mandrel out of some hardware store unthreaded rod. Found some that would fit through the arm, then turned down perhaps 3/4" on the end to fit inside the bushing. Used a socket to receive the bushing as it came out, and the bench vise as a press. The mandrel also makes inserting the new bushings much easier, as they are a very tight fit. And if memory serves, the same mandrel is handy for R&R the clutch shaft bushings.
Since I didn't have a lathe at the time, I threaded and tapped the rod for a headless bolt, and used the drill press to turn it while I cut it down with the sharpened end of a file. Came out ugly as sin, but it still works well after all these years.
Using a fixed reamer will give you a better finish in less time, IMO. Those cheap adjustable things are junk.