Hi Davie,
I reckon this sort of thing will happen, I'm thinking of all the oversizes bushes in my engine/gearbox!
As per Muscrats question it makes a difference how much oversize it is, a few thou oversize would indicate that the bush had spun in the casing and worn it that way (due to no oil maybe), or less likely it had been replaced a few times without heating it up, and the casing got worn oversize that way.
I've got oversize (on the O.D.) cam, idler and main bearing bushes, and probably a few others I don't know about yet. One day this may come as a surprise to a new owner!
I'm in the process of my refurbing my 56 s/a gearbox, and part of that was to replace the layshft bushes.
The drive side bush is not so easy as its "blind", for me a std bush was not usable as the layshaft was worn undersize (which is common and undersize bushes are available for that reason), so the layshaft was ground to make it round, and then a special undersize "blind" bush made by my machinest, this bush actually has a threaded "cap" to make it blind so it could be easily line bored after being fitted in the case, and the cap was fitted after the boring. My machinest reckoned this method was easier than buying an undersize blind bush and using a reamer to make it suit the shaft.
The kickstart side layshaft bush was easier to replace. I bought a new (std) bush from Draganfly, this is made with a slightly undersize I.D. I guess this is to allow for it to be bored to suit the shaft after fitting. The new bush was made in sintered material (unlike the OEM) and without an internal scroll (again unlike the OEM) but that is OK for a sintered bearing according to my machinest (who really knows his old brit bikes).
I've noticed that new engine bushes I've bought are slightly bigger on the O.D. than the old bushes I've removed, in the region of a thou, this MIGHT be due to suppliers realising that most of our cases are a bit worn by now? For me that meant I could get away with replacing an old bush that was too loose in the casing with a new one bush, but only in some, not all instances..........
I hope that helps.