Gents,
Thanks for all your suggestions, I've gone ahead with my fix on this in my own less-than-
perfect way.
First, I found a part through McMaster-Carr hardware, a very useful U.S. company online. The part is a 1/2"-to-7/16" x 1-1/8" steel shaft reducer. The ID is within about 0.004 of the clutch-arm shaft - close enough for these purposes, I think. For the O.D., I just went ahead and used a 1/2" bit in a hand drill. I probabaly should have done a better fixturing job in setting up the drill to run straight in the existing hole, but I don't think I am off enough to affect contacting the clutch rod. The ultimate fit is a tight-enough press fit, I think, but I am going to throw some epoxy in there just to be sure the sleeve doesn't go walkabout (for my friends in Oz).
The pics below show the beforehand eggshaped hole, the sleeve, then the sleeve in the hole.
For your amusement, you can see the before and after on youtube at
http://www.youtube.com/watch?v=e-UWMeNDLiI (YOU CALL THIS AMUSEMENT?!)
Richard L.