A replacement tool removes an old bushing or installs a new bushing in a driveshaft yoke. A fixture has a guide chamber facing a bushing bore and a first threaded passage. A traveler mounted in the fixture has a plunger received in the guide chamber and a socket that holds the bushing. The plunger has a second threaded passage aligned with the first passage and having a smaller diameter. A set screw can lock the bushing into the socket. A removal bolt with a shaft matching the second passage is inserted through both passages. Turning of the removal bolt retracts the traveler and extracts the bushing. The tool is reconfigured with an installation bolt in the first passage only. A push plug is placed in the guide chamber to transfer force from the installation bolt to the plunger during turning of the installation bolt to press fit a new bushing.