Yes, the firing pin bushing can be replaced, but it is a job for the factory or a well-equipped gunsmith and shop, not something for the hobbyist to tackle.
Early M686 revolvers were recalled for firing pin and bushing replacement.
Is yours one of these guns? The box should be stamped with a red M in a circle, and the gun should be stamped in the crane cut with an M in a circle if it has undergone the recall modification.