I'd drill a small hole into the edge of the bushing area to open a passage to the area around the bushing then use a syringe to pump some gorilla glue into the hole. This will only work if the threaded hole in the bushing does not go through the end, otherwise as the gorilla glue expanded on setting it would fill the hole. Maybe if a well greased bolt was threaded in that would solve that problem, allowing removal of the bolt after the curing and leaving an open hole.
Glbeas has a quick solution I think. Since the Gorilla glue is a polyurethane it's going to expand to fill the gaps & it bonds to just about anything.
I'd get that 1/4" bushing out of there myself & replace it with a brass 3/8 T-nut inserted from the top. rockler tools has the t-nuts available