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Okay I have my truck completely stripped down to the frame. I cleaned up the spring shackles and discovered that the holes are wollered out. It looks like there is a brass bushing in it and I was wondering if its possible or worth it to oversize the hole and re-bush it back to a standard size hole? I'll post a few photos later today.

I have the same thing going on with the rear shackles on my M37 and what you are considering for a fix is exactly what I am planning to do with mine. If you re bush it and install new pins they should be fine if you keep them greased.
hb

How bad can it be, this is what we are talking about , right?

m-11 wrote:Okay I have my truck completely stripped down to the frame. I cleaned up the spring shackles and discovered that the holes are wollered out. It looks like there is a brass bushing in it and I was wondering if its possible or worth it to oversize the hole and re-bush it back to a standard size hole? I'll post a few photos later today.

As long as you don't go too much with the over bore (.125" max over for a .0625" wall thickness bushing) making the casting too thin and weak, it will be fine. The best bushing material is 660 bronze, a good quality bronze, yet soft enough that the majority of wear will be on the bushing instead of the pin. It's much less expensive to replace a bushing should you need to in the future.