One thing that can be a less expensive option than a bushing machine is that you can use a hand tapper. You would need the reamers and a drill press adapter for the type of reamers, like KWM. These are usually below $200.00 and are just as able. You will need to also get a clamping system, via hold down clamps or something similar. This is what I ended up doing, but I made my own clamping tool, similar to the drill press types.
Check out Grizzly for the cheapest price so far.
Model G8748
Jim

Hello Jim,
Back in February of 2010, you forwarded some good information on adapting a  Hand Tapping Machine ( Grizzly Model G8748 ) for use as a bushing machine. I like the idea and woud like to try changing the HTM for use as a bushing machine. I have the KWN DRILL PRESS ADAPTOR and CUTTERS, but, It is not clear to me how the HTM spindle can be converted to hold the drill press adapter since it does not have a drill chuck and comes with collets designed to hold taps. Also, how did you change the base to hold plates. I will appreciate your input.
Thanks,

JWU