I've never tried to weld a bead around the circumference so I guess I don't know how it works. I'd use a stick welder and bend the welding rod a little so you can weld a line all the way to the inside edge, one or two beads welded as fast and hot as you can. The idea is to heat the bushing enough to expand it, and heat the welded area enough that it absorbs the expansion and deforms, then shrinks when it cools. The welded bead doesn't matter, you can do the same thing with a torch.