All measurements were made with a digital caliper. It's an inexpensive one but I think it's accurate. The OD measurement is the bush not the flange, the flange OD is 28mm.
Not sure what they're made of, I agree that does look like rust.
5/8" x 15/16" sounds close enough to me. It's a cross trainer not a nuclear reactor so I can live with a bit of play. Worst case scenario is I fall off it.
Googling 5/8" x 15/16" Bushing comes back with quite a few suppliers, mostly in the US. I'll email some of the UK suppliers first but if I have no luck I'll buy from abroad.
Paul I like the way your mind works, suppliers balancing cost of production Vs being the only source of spares Vs deliberately making their old products unrepairable. It has a ring of truth. Or maybe spending time reading internet forums has made me a conspiracy theorist