A while ago, I spent $100 for a local engine rebuilder to do a pair. He acted as if he really didn't want to do them. But, then, I read GBSisson's post (#14) and I thought that maybe I could do it this time around. So, my wife didn't have a wooden spoon with the right size handle and the Depot didn't have any 5/8" dowel but I realized that some 1/2" copper water tube is actually 5/8" diameter. I cut one piece of the tube 8" long and another 3" long for use in a floppy coupling. There's also a piece of 1/2" dowel and some 1/4" brake line in it. (See photo.) GB doesn't say exactly what the sanding material he used was but I did buy some assorted wet/dry paper, crocus cloth and settled on 3M medium emery cloth which worked just fine. I cut a piece 7-1/2" square and used some Gorilla Tape about 1" wide to tape the emery to the long tube. That wouldn't roll up tight enough to fit into the unsized bushings so I cut off an inch or so so that it would fit inside the bushings. (Cutting a 45º angle on the outside end of the emery will help get the sanding drum into the bushing. I drove it with my 1/2" drill and it cut pretty well, oscillating in and out as the drum turned. It will cut well for a little spell but it soon lost "compression" and not cut so well. When it does this, withdraw the drum, unroll the emery insert a piece of paper under it. (I used a cover from a Harbor Freight flyer about 1-1/2" wide and 7-1/2" long.) When I was spinning the drum, I could see dust coming off the emery when I moved it in and out. I repeated the sanding operation and when it was no longer cutting, I switched in a piece of paper 3" wide. When that stopped cutting, I put in both pieces of paper, and then added some more. Keep sanding, switching ends of the spindle to ensure that you don't get too much material removed from one of the ends. When adjusting the paper fillers, keep an eye on the ID using a pair of calipers. As it gets near to the king pin OD, check fit with the king pin. If the king pin enters one of the bushings but not the other, remove a couple layers of paper from under the emery at the end that already fits.
This worked out really well. The drum cuts nice and slow so you don't have to worry about machining the bushings too large too fast. It also leaves a nice finish. AND, I GOT TO DO IT MYSELF!