That's a good plan Geoff.
I redid my '40 king pins last summer and it was well worth it. I used a hand reamer with excellent results. Press one bushing at a time. On the first bushing, press the new one in, use the least worn old bushing as a guide to line up the reaming on the new one. Then do the second bushing using the one you reamed first, as a guide. I greased the "guide" bushing and lots of oil on the one I was reaming out. If you can get the bushings honed, better yet.
Glenn