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The worn bushings are in the distributor and it is easily removed from the engine without having to remove anything else. Replacing the bushings would seem to be a straight forward task. Unfortunately this is where many distributor housings are cracked and rendered scrap.
There was an article in a recent publication of the Restorer that described a method of replacing the bushings without damaging the housing. This article is posted on the web site of the Santa Anita A's of Arcadia, California at santaanitaas.org. On the home page put your cursor on "Technical Reference", my name will appear below, click on it and it will bring up a new menu. Scroll to "Electrical", and then to "Distributor Cracks" and click. The article is a pdf file and you can download and print it out.
Tom Endy