Jonr:
I just completed a bushing replacement on my AMT Hardballer II. I followed the instructions in Kuhnhausen's book "Colt .45 Automatic: A Shop Manual". There are enough differing considerations, you really should have the book to guide you through all the fit-up points. Not only do you have barrel to bushing and bushing to slide fit, but there are points on the bushing that may need to be relieved to allow the barrel to tilt downward as the slide cycles. These same points may need additional attention to prevent barrel springing.
This sounds more complicated than it actually was to accomplish, but that is because (I believe) Kuhnhausen's book assumes the worst case & provides guidance for each potential problem.
For me, this was hand-work, no machining was required. Though the book does provide info if you have a lathe available. Part of my success I believe, was miking the barrel and slide first, prior to ordering the bushing. Brownell's catalog is a big help in that each after-market bushing is listed with a nominal OD & ID. This will help you select the bushing requiring the least metal removal.
Oh. Fixed bushing or collet?