I would ream your bushing to size and not drill an oil hole through it. Oil will soak into the bushing from the top, but dirt etc will be prevented from reaching the working surfaces. According to Oilite, reaming is OK, but not as good as single-point cutting. But for a low speed application like your saw, should suffice for the next 20 years or more of service in the home workshop.
From OiIite's own literature here **LINK**
"Machining Oilite presents no problems. There are
a few basic procedures that should be followed to
preserve the open-pore structure of the Oilite material
so it will retain its full self-lubricating qualities.
Cutting tools must be sharp. For this reason tungsten
carbide tooling is highly recommended since they
hold a cutting edge much longer. This preserves the
open-pore structure from which oil can flow freely.
A dull tool will smear the pores, greatly reducing the
self-lubricating qualities in the material.
Oilite bearings may be reamed provided a dead-
sharp cutting tool is used. However, reaming does
destroy porosity more than single point tooling.
Honing and grinding are never recommended on
Oilite bearings on any surface which will become
the bearing surface. These operations will smear the
pores and will not allow the oil to flow freely."
Edited By Hopper on 15/07/2018 11:03:52