Hi Michael,
Usually the bush would be pressed into the wheel (light interference fit - say a bit less that 0.001"/0.025mm, or size-for-size + Loctite), after which the inside diameter (hopefully originally about size-for-size with the pin) can be eased out with an adjustable reamer to get a nice running clearance.
That said, some makers did funny things! In a 1910 FN single the big end bush was pushed onto the crank pin, and the bearing surface is between the outside of the bronze and the eye of the con rod. There's also nothing wrong with the floating bush method you mention, except that clearances have to be dealt with very carefully, so it's not manufacturing-friendly.
Don't forget a slot of some kind to allow the oil to get in.
Leon