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Thats ugly,by the time you get all that rust out of there you may need a 1/4in. pin:)

At least to me, an elongated Pivot hole is a defect so I always repair them.
My thinking Is that the brass pin acts as a lap against the Iron oxide and wears the steel,I may be wrong here.
I do not...

Disagree,Every one I have ever seen has a huge amt of rust, The brass pin will work against the rust and steel to wear out the pivot hole.
JMO

Do you honestly believe the pivot holes were made elongated??

Than peen all in place,Use a 1/16th drill bit using a pinvice to clean up the new pivot,Done.
http://i22.photobucket.com/albums/b328/spindlecone/sleevespivot002.jpg