Wondering if anyone can tell me what I need to do to drill a pilot bushing

The fatigue failure on the shaft and input bearing, from your highly off center hole and bushing, will make a roller bearing failure seem quaint and charming.

Do it right or don't do it. Pull the crank and have a machine shop do it, if you can't bring yourself to use a bearing that's been the go to standard for twenty five years.
The mag drill idea sucks.