An old school trick I have used in the past to keep shaving out of places is to use............Shaving cream. Make sure you get the foam shaving cream and not the gel stuff. Fill the hole up with shaving cream, get your bushing out, tap the threads, ream out the hole or whatever you need to do and then wipe out the shaving cream and metal bits it catches.
If the foam stats to collapse before you are done with the work, just wipe it out and spray more foam in.
Just a tip I picked up from an old engine builder a looong time ago. I really didn't believe it until I tried it, but it works. He used it a lot when he would replace a gasket on a V-8 and didn't want the gasket material to drop into the intake, block or cylinder (depending on which gasket he was replacing).
