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I switched my car from an automatic transmission to a manual transmission. I am redoing the bushings, and ordered a new bushing that goes in the z-bar for the clutch pedal rod. The bushing is to large for the hole in the z-bar. Not sure if I got the bushing, or the wrong z-bar?
The 72 uses a different size bushing than 71 down if I remember right. You have the wrong one. I got mine from The Parts Place I think, its been a while.
The original z-bars at least to '70 used a rubber/metal bushing. I just changed one on my buddies original '70 w30 last summer. It used the same bushing as my '68 I used the large metal one from Inline(the one you showed in your pic)instead of the repop rubber/metal one. Inline sells another metal bushing listed for '72 that looks like it would fit your z-bar,it's part#10418 for $16. That like to the ss396 site shows a nylon bushing but I believe it's the one for the inside of the car.
Just did an Ebay search and InlineTube shows one solid bushing, smaller size fitting a 1972 Olds and the larger one 1971 and down. The one I needed was the smaller one. I used the larger one on my 67.
The part of the z bar that goes onto the ball stid on the block definitely doesn't seem worn out, and the hole for the adjustment rod doesn't look worn out either, but there seems to be some play in it. More than I figured the from the factory