I have all the old bushings pushed out of the rear control arms. I have ordered a couple of new rare parts bushings which have 1/2" holes in them as opposed to 5/8" in the oem bushings. As you can see from the picture the difference in wall thickness between the two bushings. You can also see the reamer that I'm going to step up the rare parts bushings to 5/8".
Dennis

 

I ran into the same problem myself .
I pressed the center sleeves out of both bushings and pressed the 5/8 sleeves into the new bushings .
If rare parts wasn't the only source for these . I would have bought from someone else .

 

Thats bad when you buy new parts and have to modify them to function like the OEM. Sorry
Dennis, you have a counterbore/spot facer tool with a pilot. They cut pockets or spotface around a hole. It should work for your intended purpose.
A reamer has more cutting edges and cuts on the periphery to accurately size holes (material removal is usually 1/32" max).
No criticism intended, just a point of information.
Ralph