If you don't have the spring off yet, use a sawz-all in between the shackle and the frame, on both sides of the frame. It'll cut through the bolt, just take your time. Once you've got the spring off, use a drill with a 1/4" bit and drill out the rubber all the way around the sleeve. Just tear it up. Then, get your BFH and a chisel knock it through. Clean it up with a small wire wheel in your drill and there you go.
You could also just cut the shackle in half and tell your wife that you HAD to do that to get the new shackle bushings in and then you'll HAVE to get you some new shackles from ORD or Hill 4WD. Then, just burn the old bushing out with your torch. Just be sure to have some water handy so you don't burn down your truck.
HTH,
Buddy
I've got my dream truck and it's a 72 K-5 that is getting there!!