Making your bushing using only a lathe and drill press will be a challenge but not insurmountable. I would male a fixture from a square block to hold the bushings. To bore the hole for the bushing, if my drill press was rigid enough, I would tilt the table to 2º, clamp the fixture to the table, and drill a hole as large as would be possible given my tooling. A hole saw should get you to an 1/8" or so undersized. Then, a boring head would be used to bore the hole to finished size. Lacking a boring head, a fly cutter will work. It's just more finicky setting hole size.
If the drill press isn't up to the task, I would mount the fixture on my compound, squaring it to the spindle axis with compound set at 0º and the rotating the compound 2º and locking it. Then I would mount my drill, hole saw, and fly cutter in the spindle chuck and cut my hole.
I would mount the fixture in the four jaw chuck and align it as required. To hold the bushings, I would either use a set screw or a slit in the fixture. If you use the slit, always loosen/tighten the same jaw to remove the finished bushings so the next bushing retains the same alignment. This should allow you to make accurate parts.