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Actually my Myford Super7B has a Turcite sheet under the very worn saddle.... There is a liquid called Moglice which will replace all this business of trying to machine accurate bearings using a none to accurate lathe. Norman
The OP is asking about a spindle bearing/bushing for a rather critical shaft. Are you sure Turcite & Moglice are intended for this purpose? Lining the ID of a small area, heavily loaded shaft rotating at rpm for hundreds of hours seems quite different to me than beds and slide ways are very low equivalent wear by comparison, no?