Unfortunately Norman and myself, and maybe it seems a few others might sound a bit arrogant since we've all read and have been semi machine tool educated by some of the classic I guess you could call them Model Engineer writers from the 1950's 60's and 70's.Or maybe the others from a profesional and well experienced education. I still say G.H.Thomas and Bill Benett? who edited Georges writings after his death produced the finest book avalilable for the home shop types with the Model Engineers Workshop Manual. If you've never read it? You really don't know what your missing.
Dragging or pushing the tailstock while your reboreing it to fit some type of bushing would at most make it incorrect for the lathes vertical C/L/ by what, a very few thou.? The lathes V way's would keep the tail stock dead true at least to the lathes bed while it was bored. Any rigid yet temporary method of setting up a dead center at the lathes correct vertical C/L to support that between centers boring bar will work. If you spend whatever time is required to get everything as perfect as possible, the tailstock can only be re bored a bit too low just from the slight clearances needed to allow it to slide while that reboreing is being done. You can then shim that to almost perfection. Certainly to far more precision than the lathes original brand new condition.
The very first metal cutting and / or threading lathe was built not by ordering parts from a OEM. And no it's not exactly an easy job to properly rebuild a tail stock so it's correct in all 3 dimenions, but I've sure got to agree with Norman. It's not impossible, or very much different from boring a cylinder either. That was an excellent anology.
Most of us just can't afford something like a fully rebuilt Hardinge HLV, we get to buy and use whatever we can barely afford most times. That does not mean you can't make large improvements in your equipment for both accuracy and ease of use. It's exactly the same idea as that 'sweat equity" everyone likes to use as the latest buzz word while restoreing or renovating a home. And while you certainly wouldn't have the built in rigidity as one of those very precise Hardinge lathes, it is within most peoples bugets if they want it bad enough to rebuild almost any lathe to far better accuracy levels than the original brand new lathe was capable of.
But only you can judge if it's worth it Brian, to go to the effort required, then the female Morse taper in your current tail stocks barrel really does need to be in like new condition to make that effort worth it. If it isn't? I'd order a new barrel, rebore and probably sleeve the old tail stocks bore with bronze bushings or a sleeve, and maybe add a few extra oil ports to slow the inevidable wear. Even going as far as getting a good engine rebuild shop to precision hone the bronze liner after it's pressed in shouldn't cost that much. $100-$200 tops for a fully rebuilt tailstock. A semi decent repaint on the lathe would probably cost that much.
George Thomas's book mentioned above has probably the very best between centers boring bar design I've seen so far.
Edit,
With a re read you mentioned $200 for a replacement tail stock barrel, a severe end user screwing if I'm any judge. You still need at least two bronze bushings, a short one at the front of your tail stock, and a long one that's a bit longer than the tail stocks travel at the rear. I've worked with hydraulic cylinders that were hard cromed and that's an excellent idea. The grinding after the hard cromeing could get quite expensive though.
Pete