I believe I have this exact same disc, in nearly the same condition as yours. I was the victim of my own ignorance when I bought it. I'll never to my ending days understand seemingly honest and knowledgeable people who knowingly sell junk machinery to a novice person. Anyway the disc was made by the Love-Lift Inc. company in Michigan, and I'd like to know if you ever found a reasonable solution to your worn wooden bushings.
I feel like I've googled myself to death looking for some type of modern high wearing plastic (UHMW hollow rod) that would be a suitable alternative. I've found a few nearly the correct size, which I believe is 1 7/8" ID by 2 3/4 OD, but nothing just right. It's also very expensive in those large sizes (30-50 dollars per foot!) and you need 7" per housing.
As others have mentioned, there are bushings available through a company called WoodEx, but those aren't without issues as well. They are not the full 7" needed, but instead come as two 3.5" pieces. If you go this route you need to add two new press-in zerks to your housings and drill a hole through each new bushing. The zerk is then pressed through the housing and into the bushing, thereby preventing the bushing from turning and offering a way to grease the inner spool bearing-to-wood area. You then should seal the original hole to prevent dirt from entering. These are sold at 15 dollars per set of two 3.5" bushings. So, 120 bucks, plus shipping, and 16 new zerks and some significant time to refurbish the disc.
The other route I explored was new bearing spools (ribbed) and the housings from AgriSupply. Unfortunately they a quite expensive in the 7/8" axle format that this disc has. So I ruled that option out quite quickly.
I have not done it and am leaning towards just buying a new King Kutter from the farm and home store to get my food plots done. Please update this post if you found an inexpensive, ingenious solution!