I'm going to respond based on the assumption that this was a carefully fitted bushing to slide fit that a gifted craftsman installed when building a centerfire pistol for bullseye. (there's always the possibility that it was just forced in because it was close enough.) A picture would help judge the pistol and assist in the determination if it was built as a bullseye pistol.
RetiredRod gave you the proper procedure to remove the barrel and bushing. Just use the barrel as a "slide hammer" to GENTLY tap the bushing out. Do not lap the bushing with ginding compound unless you want to ruin the fit.
I use 2 wadcutter 1911's and one Hard Ball 1911 that were carefully built and fitted so the bushings are tight enough to require the "slide hammer approach" when removing the barrel from the slide. I only do that twice a year, when I do a complete teardown (about every 3000 rds). The rest of the time the slide gets slid off the frame and any necessary cleaning can be done that way, you do not have to remove the barrel. You can get to the firing pin, extractor, and upper lug cavities just fine to clean them up without ever taking the barrel off. Frequent removal will destroy the tight fit. My favorite wad gun has over 40000 rounds through it and will still hold under 2" at 50 yards, from my Ransom Rest.
Now! If this wasn't built to be a precision target pistol and the bushing was "Bubba'd in" all recommendations are to be considered null and void.
Is this perhaps a pistol that your Dad or Uncle had made while they were at Colt? It's possible the smiths there gave it extra care.
FWIW
