I guess if I didn't have the equipment to fix that, I would run it down the street to my local automotive machine shop and have them put in a new bushing. Just hand them the rod, the old bushing, and the new pin. They can hone the rod then create a new bushing that will fit.
Or as Mike says, JB weld would work also.
Honning wouldn't' work very well, since that is basically a slot and those honing machines don't deal well with slots (Sunnen makes special mandrels for honing holes with keyways, but automotive machine shops have no need for them). You would need to find a shop with a rod boring machine. I would be a bit worried about weakening the rod by boring it. I think the JB weld, or even just locktighting the new bushing in would be fine. As thick as that bushing is, it should structurally bridge that gap.