First of all, I highly recommend you get a service manual. It's not hard, but it can be tricky. I'll assume you have an overdrive ******. I have a '51, so bear with me if your's is a little different. Obviously you have to remove the tailshaft housing, there's no other way. Drain ****** oil. Support the ****** from the main section and remove the rear mount and cross member. Disconnect speedometer cable, OD governor, OD cable and rail switch if you have one. Unbolt tailshaft housing from main housing and wiggle it off. Beware of the uncaged roller bearings in the one-way clutch. Count them and don't lose any!
On top of housing is a small rectangular cover, about 1/2 inch by 2 inch. Remove it and look inside. Spread "C" clip tangs inside with flat blade screwdriver while pulling tailshaft out.
You need to drive out the old bushing. I split mine with a small sharp chisel and folded it out. Drive the new one in with an appropriate driver like a wood dowel and be careful to line up the oil weeping hole. Clean any burrs or other defects with a fine file. Test fit yoke. Install seal. Reassemble in reverse. You have to retain the roller bearings in their cage with either heavy grease (which I used) or a thin rubber band (I read about). They say the rubber band will later disintegrate and do no harm.