you are still not seeing the picture, the whole idea is the the bushing is supposed to stick to the pin and and roll in its nest, therefore increasing the diameter of axis on one end at a time that causes bushing to travel up the groove to an incline where axle, like a pendulum slides out and into bushing on other end.to prevent any rotation of the brass bushing should there be a lubrication failure between the pivot and bushing that might cause the bushing to begin sticking to the pivot and then rotating in its nest.
In regards to your washer and Cotter Key, any force applied there would cause the cotter key to rub on the washer as washer has larger contact area with shaft.
As for making the half bushing you describe, (cutting a cylinder in half and then hollowing it out) would not be as easy as to leave it whole and taper bore the hole. They did have lathes in those days but a good hack saw may have been another story.
THe columns must be strong enough to withstand the lateral force projected. This cannot be that much as you yourself calculated that the whole assembly turning was equal to 25 watts of output.
To me the convenience of translocating is not a priority item as much as keeping the wheel turning. It has been said that it took a number of men to move the wheel where as I replied once out of it bearings one man could roll it.
Ralph