Ah you are so right! I had sent that last post in a hurry and ran off to my daughter's soccer game (they lost big time)... when I got home, I took a closer look. The pivot pin is actually a threaded rod all the way through and the middle "thicker" part is the bushing. I put the pin in my vice vertically and soaked it in DW40... then banged the pivot pin through the bushing.
Ha! I thought this might be the case. I sense you will find another sleeve installed in the swing keel in which the sleeve that was over the bolt was rotating in. My approach would be as follow:
- use brass brush installed on a cordless drill and clean very well ID of the opening in the swing keel (hopefully it is still round)
- Find new suitable bolt (ideally grade 7 rolled) with clean shaft (without threads) long enough to go through the width of the swing keel. Measure its OD.
- machine new sleeve from bronze (or brass) that is: OD is about 8 thousands of an inch smaller than ID of the hole in the swing keel. ID is about 8 thousands of an inch larger than OD of new bolt.
This will work as very efficient bearing and give you long life of the keel. Lateral forces on the keel are being transferred not by the axle, but the sides of the keel trunk.