5th element Air bushing problem

I've been getting my Superlight ready for the Ouachita Challenge this coming weekend. My 5th Air has been working pretty reliably and I didn't want to touch it. As luck would have it, my 5th Element seems to have developed a thunk in the first part of it's travel. After looking closer I noticed that the eyelet around the bushing shaft seems to have become offset (with the O-ring showing a lot on one side). I tried to slide it over by hand and it pretty easily came all the way off over to one side. I suppose I can push it back but does this mean that my setup is hosed?

I'm pretty sure that I have the old style 5th Element bushing which were rumored to have problems. The shock otherwise looks ok and hasn't been used that much. The exposed bushing shaft seems to not have any wear.