The shaft is a cylinder.  The bushing is a ring.  They're both circular so that means that each have a centerpoint.  How difficult could it be to move the bushing using its centerpoint to one end of the shaft and snap to it's centerpoint?  After that it is only a matter of moving the bushing along the centerline of the shaft to its proper position.  This you could do as you view the shaft from the front or side position (shaft being vertical).  Nothing complicated.

Yes you can do it in 3D with 2 options :

Simplified : by doing a material removal, command : SUBTRACT of the triangle representing the thread REVOLVE around the centerline of the tube.

Realistic : by doing a material removal, command SUBTRACT of the triangle representing the thread EXTRUDE along a path, command HELIX.

Note 1 : I suppose that the tube is dia. 1"1/4 = Ø 41.91 mm.

Note 2 : the thread shown here in 2D is a simplfied view as the thread is parallel and not realistic showing the thread inclinated.

If OK I will show in my next post a scheme of all this.

You are on the right way but the sweeped solid that you have made is to be SUBTRACT from the tube ( that you will make longer ).