Off on a tangent now: if this bushing is awol, would it affect getting dizzy to properly time / align to 7* btdc?
Reason for asking is that my 60 is idling at a lower than usual (450-500 rpm) and the dizzy is turned as far as it'll go towards advance....
I'll bet that your distributor is installed off a tooth (like mine was, briefly, on Saturday). I had the exact same symptoms after putting the distributor back in the truck after adding the bushing.
Pull the spark plugs and spin the motor until the timing pin is pointed directly at the TDC mark on the compression stroke. If the rotor isn't pointed directly at the #1 spark plug wire, then you'll need to pull the dizzy, and reinstall it properly. You'll probably have to put a screwdriver down into the block and twist the oil pump a little bit for the dizzy to seat properly.