Yes, it's just a cylinder. It has a wall thickness and that's as much of a "lip" as you're gonna get. That's why the solution of the proper diameter THICK washer (or more correctly, spacer), as I described in my link above is critical -- you can't get enough purchase with a drift on the edge of the old/bad bushing to get it out otherwise.
I powdercoated first, but it doesn't matter what order you do it in, because either way, you're gonna want to seal up the inside of the swingarm after blasting and before powder, as you just want a greased metal tube, not paint, inside there to house the pivot.
IF you use the top hat bushing like I did, don't let the powder coat get on the bushing head. Have them tape that off with their heatproof tape first. As I indicated, it all BARELY fit into the frame as assembled -- in other words, it fit perfectly -- and adding a few hundredths of an inch of paint thickness to both (or more) could make it not fit together later.