Here's the pics. this one is 2-1/2" diameter. I would go 1-1/2" tubing and wrap the cloth belt several times to fit the ID of the tube snug. It is an aggressive tool and will remove the amount quickly. It would be nice to have a 2" round for a test fit piece. Good luck in whatever you decide to do.
Your idea was the best.
I first took the axle to the machine shop that sold it to me.
I said I needed 50 thousands of an inch taken off each end for 19".
They sat on it for three days and told me they needed 3 more days to do it and that it would cost me $500.
I said no.
My friend made a tool that I could use.
Sorta like yours but goes in a drill.
I have to say it worked but the difference between the drill's 700 RPM and an angle grinder's 10,000 RPM made a huge difference.
It took a long time.
I currently have both axle bushings opened to about 2.038". I think it could use a little more but I have 6 hours in it today and my shoulder hurts.
I tested it with a 2" bar and it slips in easily. But needs a little more.
I'll try it tomorrow.
Thanks for the idea.