I've measured many in the pursuit of one that didn,t need some sort of repair. The most common fault I found with the king pin hole was hour glassing. I think this is what Pete was calling bell mouthing, which would be a difference in terminology between the US and Aust. Hour glassing happens when the king pin uses the lock pin as a pivot, and rocks slightly. This gets worse over time and use. I've repaired these by boring out the hole and sleeving to original size, with a hone to final finish. If you don't have the equipment, take it to a machine shop. The final size should be around .810, but measure the pin your going to fit. There is a difference between pins, and one to two thou can make a big difference. I have new ones that vary between .809 and .812. The tighter the better, to the point where you use a hot-air gun to fit the pin.
Other things to look at in the axle is twist along the length, as well as bends at the ends. To check for twist, fit four pins in the four holes and lay the axle sideways. All four pins should be parallel, and also look along the four pins. The two pins at each end should also be parallel to each other when viewed front on. With the axle sitting with the pins vertical, the both the king pin and radius rod pins should be 7 degrees from vertical.