Good deal, sounds like a fine solution. Don't know too many machinists myself unfortunately but I imagine it would be cheaper than buying one of the OEM-type floor shift bearings. They're like $75-up depending where you get them.
I was thinking that perhaps I could use my existing bearing and get something to insert into the ID of the old one with a bore for the shaft to fit through, that way I can use the wire clip to keep it in place. Just thinking out loud.
I think the plastic you're referring to is called delrin. (sp?)