I don't hone soft phosphor bronze bushings. The silicon carbine particles embed themselves into the soft metal and cause premature wear. I use align reamers for the size I need. 7/8" for Ford & 15/16" for Mercury generally. These reamers only have a small amount of adjustability to do the job. I get a light press fit that can easily be done by hand with just enough stiffness that they will stay in the bore under their own weight.
If you hone them, I would recommend brushing the bearings out with a stiff tooth brush and soap & water after the hone job. At least some of the particles will be removed that way. I hone steel bushings for the Bell 47s but it sure isn't soft metal.