Good to see your doing things right, AND you have the equipment to do it.
Make sure you get a good weld on the new keyed bushing-to-lift arm as that
does get a lot of torque and shock.
( tell wifey your dumb as a rock, ---they don't need water)
Long thinking usually produces good results, along with common sense.
As you prolly thought of already, put the coiled pin in the old hole to get your bushing alignment before you weld it up.
( I don't know your abilities/experience) so no offence intended.