I think I can get it out with this tool at Harbor Freight for $19.99

 

You can buy the tool, but you don't need it. All you need is a Sawzall ( reciprocating saw ) or a single blade hacksaw (no top hoop) and a chisel.

Put the drive shaft in a vise (or have someone hold it) and make 2 shallow cuts where the RED LINES are (see pic below).
Just go slow with the saw and you will only cut the bushing and not the drive shaft.

Now place the drive shaft on a bench so the flange makes 2 points on contact ( BLACK arrows ).

Then take a Chisel and strike the bushing down towards the bench ( YELLOW arrow ).
This will make enough relief in the bushing to be able to grab the rest with a pliers.
If not then tap the chisel between the bushing and the drive shaft to walk the remaining bushing out.

This is really simple and once you start these steps I think you'll agree.

 

Thanks for the feedback, I will take a shot at it in the morning and provide an update

 

Cool you'll definitely get it done.
Once cut, you will be amazed at how easy the metal around the bushing just twists apart.

Last tip; put the NEW bushing in the freezer over night.

Then in the morning clean the drive shaft end ( scotchbrite pad ), put some grease around the bushing (install it cold) and in it goes!

 

Putting the bushing in the freezer now, next to the bacon for extra points

 

Providing it's NOT Turkey Bacon you'll be fine.

 

Turkey should only be deep fried. Bacon is pork and any other interpretation of bacon should be a way ticket to hell or a weekend at Shanechevelle’s school of bleeding the coolant system.

 

UPDATE

I got it out. Used the hacksaw to get the inner bushing out with aid of a screwdriver & hammer and used my Dremel tool to get the outer bushing out. Cleaned it up, put some axel grease in the opening, and knocked the frozen bushing in with a piece of wood and mallet.

I am going to flush the rear diff as I am still waiting on another part.

Now...for my good friends at Lucky8...Still waiting on my pinion seal that was ordered Monday 06/03 morning 7:09am PST (2) day priority mail, confirmed ship on Tuesday 06/04 8:20am PST, and has yet to arrive as of 8:07am PST 06/08. I better get (2) Lucky8 stickers for this.

Fun thing is, I ordered the same product from the UK on Sunday 06/02 that has an ETA June 10 - June 25. Any bets on which one will arrive first??

 

UPDATE

Still waiting on pinion seal from Lucky8...

In the mean time, I have the rear drive shaft re installed and I flushed the rear diff with some Lucas oil. I am glad I did the flush as a bit more silver crud came out. Filled rear diff with Redline and waiting for seal to arrive. Last on my to do list is grease the rear drive shaft and clean axel breather tube.

 

Pinion seal arrived yesterday, I got everything put back together and drove the truck to work today. When I get home I will check to see if there is any leaks or not. Only issue I had was getting the rear driveshaft back on. Block of wood and mallet did the job.