You could use a Mandrel handle to drive the chuck.
Set up the changewheels to give the required pitch for the oil grooves.
The Leadscrew will need to revolve faster than the chuck, maybe 2 or 3 times, to give a coarse helix.
Put a boring tool into the bore of the bush,(But not yet touching) Ideally, set the Tumbler Reverse to move the Saddle AWAY from the chuck.
Decide where you want the oil groove to start (I would recommend having it start and end within the bush)
The bring the boring tool to touch the bore, and then further to produce the depth of groove needed, probably only 0.005″ or so. That will be more than quite sufficient to spread the oil.
Then rotate the chuck, with the mandrel handle to cut the groove, stopping before the tool comes out of the bush.
Probably 1/4″ from each end will be enough.
Take the tool away from the bore, and the job is done, apart from any removal of burring with a small scraper. Do NOT use any abrasives!
There will be a clearance of of the order of 0.002″ to 0.004″ between shaft and bush, so you don’t want to provide a passage to drain the oil out of the ends of the bush.
(Far less than that will cause bearing failure in pressure fed white metal bearing at less than 2500 rpm!)
HTH
Howard