Matt,
Yes, there is a bushing inside the mounting socket. It is replaceable.
You can find the proper bronze bushings online, or at any good bearing supply store.
We use a better (well, more expensive and easier to work with anyway!) plastic type bushing, but the two aren't interchangeable due to the different flange thickness on the bottom.
It's not a dreadfully difficult job, but you may need a Dremel tool and a sharp chisel to get the old one out. The Van's sockets usually have a steel flange on the top that prevents simply pressing them out. (YMMV!)
Once you get the old one out, just press the new one in. The only hard part is machining the little groove where the locking pin travels. It can be done with a 5/8" end mill or just carefully use your Dremel cut off wheel.
Hint: take a photo of the whole shebang before starting for reference.
Or we can do it for you if you like. We don't have a set price. Just time, materials, and shipping. Each case varies.
Another hint: if the two AN3 bolt holes are egged out, just replace the whole thing with a new one.