more details on how you do the bushing and how it works will be good. the major wear seems to be on the gudgeons mounted on the transom. One other way to temp fix is to move the gudgeons slightly out of line, which can be done by drilling the mounting holes a touch larger. This will effectively tighten the working tolerance of the gudgeon.

I'm thinking of welding a thin layer around the hole and just grinding the highs off to a close tolerance.

Grease [submersible] ... might have been useful if used for the last 30 years?