The angles "confine" the router's base plate. I try hard not to let any metal (other than the collet) touch spinning router bits!
Other than for a couple of test cuts, I haven't used the jig much
- nearly all of my joinery is done by the robot while I'm off doing something else. I've had the jig down more often for show 'n' tell than for use.
The spindle on my PC690 is concentric with its base plate; and the base plate is round. I think I may have lucked out because if either of those conditions weren't met, the angle approach wouldn't work very well - while your bushing approach will always work...
I've given some thought to making the position of the angles adjustable for different bit sizes - but that would require milling some fairly accurate slots in the aluminum and would probably only be practical for two bit diameters (although a step-shaped slot might work for 3/4", 1/2", 1/4", and 1/8".) I think it'd be easier to make single-size jigs with differently-positioned angles. If I break down and add a small mill to the shop I may have to experiment.
Smaller bits? I've routed thin mahogany veneer using a 1/32" bit on the 'bot; but just haven't even been tempted to try that freehand. I doubt I can advance the router smoothly enough by hand to avoid breaking 'em - it wouldn't take much.