I just replaced the bushing in mine using an old tool that slips down the tailshaft and locks onto the bushing, then you draw it out like a damper puller. The tool was sold by Snap-On, I'll try to post a picture later, It's at the shop 20 miles away and it is Sun.

No, You don't have to remove the tailshaft housing.
God Bless.
Tim http://yblockguy.com/
350ci Y-Block FED "Elwood", 301ci Y-Block Unibody LSR "Jake", 312ci Y-Block '58 F-100, 338ci Y-Block powered Model A Tudor
tim@yblockguy.com Visalia, California Just west of the Sequoias