Be careful with phosphor bronze. It is usually very hard and can wear an unhardened steel spindle. Lathe spindles of the ML4 era were typically not hardened. So you might be better to use a leaded bronze that is more suitable for use on unhardened shafting. Look for SAE 660 Bronze or C93200, aka LG2 in Australia. Or the sintered bushings commonly available. They seem to work ok on unhardened shafts. Or cast iron as was used on many lathes of that era.
You can usually buy bronze (and cast iron) bar with a hole already up the middle. Saves time and money when making bushings etc. You can also purchase ready made bronze bushings from bearing suppliers, which if a suitable size can be used as is, or turned/bored to final fit. Not too expensive compared with buying bronze bar either.
There is a Yahoo Groups group for Myfordlathes that contains quite a bit of discussion and info on the older models such as ML4.
https://groups.yahoo.com/neo/groups/myfordlathes
Definitely worth joining.