The stand on my B31 plunger has a bronze bush in it through which the stud passes, not sure if this is original or not (probably not as whoever had fitted it hadn't drilled through for the grease nipple!) It came with the bike, but unattached and with the old pivot seized in and cut off. I shelled it out and removed it, reamed the bush back to something like and made a new pivot pin to suit. As usual, the frames were worn so I made top hat steel bushes to go into the frame holes which were dressed until they fit nicely and the pivot bolt passed through with minimal play. Worked nicely in the end, and saved me welding the frame holes up.
I can turn you a bush in steel, bronze or whatever you like. Where abouts are you?
Cheers
Calum
EDIT: thinking about it is the tube supposed to be a crush tube so the stud tightens up hard on it and the stand pivots around it? Possibly. I can't remember what I did to get the nuts to tighten now. The bush was so tight in my stand I assumed that where it should be. Would also explain the lack of grease hole in it if the tube is supposed to be stationary with the frame (oops!)