I just did all of the rear bushings on my '87 240. The only ones that I could see that had any noticeable wear were the big trailing arm bushings. And this was at 123K miles. I did the trailing arm bushings first which made a big difference. About 2 weeks later I did the panhard rod and torque rod bushings. I like to think that the suspension felt stiffer, but it could be placebo affect.

I don't have a press. I just pushed out the rubber inserts using my vice and a couple of different sockets. Once the rubber was out, I took my sabre saw and cut the metal casing of the bushing from top to bottom in two places about a 1/4" apart. I used a small chisel to peel out the 1/4" wide piece of metal and the remainder of the bushing fell out. Used a file to clean up any nicks, and pressed the new ones back in using the vice.