Small Update, that tool will not work for removal!
I thought by removing the flange on the original bushing, I could use it but I was wrong. The part which is suppose to push the bushing from the back is one mm thicker and it snugs in the arm when beeing used. I could have sanded the outer surface a bit but I just wanted to get over with it.
Fitting back was a breeze. Less than 2 mins