The factory Kent Moore tool uses a thick wall cup that fits over the flanged end of the bushing and a thick circular plate that presses against the other end of the bushing. A threaded rod passes through the bushing and you simply tighen the nut on the rod to push the bushing out. The diameter of the circular plate is important - if it's too small you simply compress the rubber and if it's too big you'll bottom on the housing. Reinstallation is the reverse. You can fabricate a similar tool using iron pipe fittings.
The quick and dirty (and I do mean dirty) method is to burn out the rubber with a propane or cutting torch. This produces smelly smoke and a sticky black residue, so be prepared. Once the rubber is out, simply compress the outer shell with a sledge hammer and punch and it falls right out. Wipe some grease on the outside of the new bushing shell and hammer it in place, again using an iron pipe fitting to press only on the flange of the outer shell.