this set up I made. works very very good. its so easy. and fast. Basically its an inch and half hole saw, with a insert that I made. the insert is made out of mica, it could be made out of anything, i just happened to have some mica laying around the shop. I turned down the od to fit in the uncut bushing as a guide. and i cut some clearance back for the chips. In the center I drilled a quarter inch hole at the end and pounded a quarter inch dowel pin in it. and I just inserted it to where the drill bit goes in the hole saw. after your done drilling out the bushing. the hole saw will give you just enough clearance so that the trailing arm with a inch and a half shaft will move freely with no slop.
I have the reamers and they are a pain in the butt. they absolutely do not work on urethane like steve says. I found that even with the delrin bushings, if you dont have a tight fit in the beam the bushing will grab and spin around with the reamer. I have used this set up on a couple of front ends for some friends. all they say is wow, thats nice.