Even though I do not have a degree in engineering, I have a PHD in the school of hard knocks. For 25 years I have repaired, designed and built, and marketed products containing plain bearings. I have hired a few experienced engineers as well as being the first job for several young engineers. I’ve never heard of the method you describe. We spent some time and money using an early version of CosmosWorks gap element FEA to try to model pin joints in products using hydraulic cylinders as actuators. The results tended to be over kill compared to what is used in practice. One simple method is to divide the load by the film strength (6000 psi works well) to get the projected area of the bushing. Then you need to choose a pin diameter and housing shape that does not create point loading between the pin and bushing. I use the Machinery’s Handbook for clearance recommendation. One other thing to consider is the PV value of the materials being used, but published data is only a fair reference. I probably have spent $50,000.00 on warranty and redesign by using recommended PV values. The best examples I have are boom joints in excavators. Several manufactures use hard steel bushings against hard steel pins. This works ok until there is an over load or lack of lubrication, then the steel galls and the assembly self destructs. Exceeding the film strength of the lubricant will create a dry condition between pin and bushing. We have replaced hard bushings with aluminum bronze with great success. This material can deform to the pin shape without galling or permanently deforming.