I initially thought the shaft would hold it up, but the the shaft is collapsible and if left to gravity, the shaft compresses. If you were to install the shaft fully compressed and leave some room for the stub shaft to move up and down, this would provide the cushioning that the stub shaft was designed to create when attached to the stock steering box. However, this isn't practical because to install it you would have to either disconnect the steering box or pull the column a bit and connect the u joint then re install the column.
I like your idea and I'd like to see a solution that allows us to use the retaining clip and not weld on the bell.
How about using a the bushing as a template to create large washer? I was thinking that maybe a piece of plastic cutting board since it is cheap, easy to work by cutting with a skill saw and a belt sander to get the right dimensions. it is probably as thin or thinner than the rubber seal and could be retained in the bell. I thought if I could find a hole saw blade that was close to the 50mm dimension of the bell, it would work perfectly to create the center hole and the dimension for the bell fit. Then it is just a mater of reaming the center out with a stepped drill bit or a 3/4" bit drilled carefully. I don't think perfect centering is critical since, as you said, we aren't turning the wheel at 100 rpm. You could also ream it enough to fit the bearing in the hole for the flanges to hold it in place, but i think if the bearing doesn't interfere with the inner bell castings and you still have room to attach the u joint, you could leave it as is.
What do you think of this idea? I wish I hadn't ground my bell at the beginning of this process because I'd like to experiment with this unique problem.