The collet bushing isn't likely to fail unless the weapon is field-stripped incorrectly. To properly field-strip a Series 70, all one needs to do is retract the slide slightly - enough to move the bushing's "fingers" back to the smaller diameter portion of the barrel. Removing the bushing by pulling it over the muzzle may also hasten it's demise by overflexing the bushing's "fingers". Leave it on the barrel. Same for reassembly - slightly retract the slide when reinstalling the recoil spring and plug, and turning the bushing. It'll be a lot easier, too.
I've fired thousands of rounds through my Series 70 without a failure using this procedure. I wouldn't change the firing pin, either. Leave it original, shoot it, and remember your grandfather when you do.
I've fired thousands of rounds through my Series 70 without a failure using this procedure. I wouldn't change the firing pin, either. Leave it original, shoot it, and remember your grandfather when you do.

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