Are you opposed to replacing the entire bushing? If not, a torch can burn up the rubber to a gooey enough charred state to pull the middle out then you can cut the side of the metal casing plus a little chisel action to remove that. There might be youtube video(s) about doing it but I don't have a link, saw them years ago.
Aftermarket bushing part # Dayton RB-131
See picture attached for these dimensions:
A-Outer Diameter:1-1/4 inch
B-Outer Steel Sleeve Length:2-9/16 inch
C-Overall Inner Sleeve Length:3 inch
D-Inner Diameter, Bolt Size:9/16 inch
Original Ford # (D3TZ-5781A)
However, and do double check this, if you burn out the rubber and use the Energy Suspension bushings (kit 4.2124, but it's an expensive way to go if you only want/need to resolve this single bushing instead of wanting to replace all or at least both back bushings), the best I can recall you leave the metal casing sleeve in and just add the two piece bushings and their metal sleeve in the middle. For that info I am also looking at this:
I'm being lazy and pulling this info from notes but there are topics in this forum about the options. Do look those up, my memory could be faulty.
If your bolts are eaten up, what I have in my notes for the replacement is 9/16"-12 x 4.5" grade 8, + locknut and washer, though OE is probably a flange nut?
As far as fighting with what you have, to try to save the factory bushing, either carefully spray some acid in to eat up a bit of the rust (wear goggles!!) then penetrant, or just start with penetrant though the penetrant may impede trying to use acid later.
Another option that comes to mind, that I have never tried for this situation, is that since it spins, to take a putty knife and grind a groove in the end of it that is the diameter of the bolt shank, or some metal bladed trim removal tools might have the right sized slot in them already, hammer that up so it's behind the head of the bolt, and then apply power, keep spinning the bolt while applying lube and gentle pressure from the putty knife and eventually the rust will shred apart and the bolt will come out a little at a time, till you can get something thicker behind it like a screwdriver or pry bar, etc. to speed up the process of prying while spinning the bolt.
However, are you certain you are spinning the bolt in the sleeve instead of spinning the sleeve in the bushing rubber? Either way, if it's spinning then patience should cause it to come out, then with the sleeve out, proceed with all the above info... or just ignore this info, there's more ways than one to skin a cat.
