Oilite bushes are made by the Sintering process. that means they take a charge of powder or"beads" of the base material, squeeze it into a mould, compress it and then stick it into a furnace which fuses it together. In the case of "Oilites" the size of the particles used means that a PORUS "casting" is produced, which is heated and immersed in oil to absorb this as a pre-lubricated bearing. Wow, good stuff eh! Now to get back to your question. Yes you can machine it, similar to any of the bronzes, but don't go daft, as one of the problems is smearing the surface which seals the "holes" in the structure. Allow the tool to cut and not rub, and after machining,RELOAD the bearing with oil by heating in an oil bath (a tin can with the bearing immersed in oil) and allow to cool BEFORE removing, the bush sucks up some oil. For max temp, heating should NOT get to the flash point of the oil, - below smoking. I would think that if you solder the bearings in you will have burned off some of the lubricant, and they should be difficult to solder unless they are old stock. the oil can dry out in long/hot storage.