The ideal is frictionless rotation with no noticable diametral play. It took me a lot of work chucking up the steel bushings in my drill press to get them all to work.

Also, press the bronze bearings into the elevator before sanding the bushings. When the bearings are pressed in, the ID will compress some, so if you had the steel fit perfectly before pressing, it will be too tight after, and you'll be back to sanding.