I recently did this, but instead put the M3 bushings in, since they don't fail NEARLY as soon and are tighter.
You can just replace the bushing. It's a pain and can take up to an hour or so for each side of the car, but it's worth it if yours are worn. My right front was totally shot, and after I replaced them, my steering felt a WORLD better. Similar to that "Wow, this must be a new car!" feeling.
How many miles does your car have?