You can make the sleeve fully in the end of a piece of stock and part it off to length, that way you will not harm it by trying to do further operations on it. Drill and ream first then turn the OD taking light cuts with a sharp tool. If you make it a slip fit in the old bushing and Loctite it in place you will not change the dimensions of it.
The current wall diameter of the original bushing is 1/16"? It would be nice if you could take a little more out of it, the sleeve will be quite thin but doable I think. I guess worst case you completely remove it and install a new one.
The most important thing is you need a gas tight seal on the bushing to rod with no friction, Have you checked the size of the piston rod with a mic so you know exactly what size it is? You will only need a 1/2 thou or less of clearance.
Dave