You can use a bushing if you want, and some people prefer to, but Pontiac used the 7109 ball bearing in every manual trans V8 application. Trouble is the 7109 bearing is not commonly used in industry anymore, so it is rather expensive. Some people have used the 6202 bearing, but the crank hole may need to be machined a bit deeper.
See:
http://www.pontiacpower.org/PontiacCranks.htm
Agree a sintered iron bushing would get noisy once the oil cooks out. At least bronze will remain relatively quiet.