First you would have to mount it on the mill table so the shaft bore is perpendicular to the table. Then you would have to indicate the bore in with the mill spindle. Then you would establish the depth you need to bore it and then set the quill stop with the cutter in place. Then you counterbore it. The bushing would have to be machined to fit the resulting bore and it may be different for each side.
Counterbore cutters seldom cut the same size hole, they are not that precision of a cutter as they tend to runout some just as a drill bit does.
Doing the job with a boring head would produce a much closer bore but with much more work.
It's not hard, it just takes a lot of time to do right. The more I think about it and how thin the boss is where the shaft goes in I believe I will drill and/or ream the shaft bore and make an oversize shaft. The more I look at and think about it that is looking to be the easiest for me. Others may have a different view on it.
Also, a plain brass shaft running in a cast iron bore will last for a very long time. The chrome plated shaft would wear the cast iron faster. Also, I can make the running fit much closer than original. A shaft that small does not need .002" running fit. A .0005" to .001" would be more than enough and a slip fit to start with would be perfect as it would wear in nicely.
Any air that can get in through the throttle shaft can cause a surge issue and is hard to set a steady idle with. Some carbs have an O ring or seal on both sides of the throttle shaft and I have considered that but that is not cost effective here.
Carl, remember, it's a Jeep, not a pocket watch so don't get carried away with perfection.
