I can ease your mind on a couple of things.
First, assuming you have a cutting attachment on the torch and not a lame little oxy-acetylene welding tip, it should only take about 10-20 seconds of properly applied flame to get the nut hot enough to get off of there. Along with this, remember you don't need to heat the entire nut red hot...any old wrench flat will usually do. Unless the nut is bigger than 1-1/2", I never heat more than a flat or two for removal purposes.
Second, it's unlikely you'll get much more than smoke from your bushings unless you're applying WAY too much heat over WAY too long of a time, but even if you do, whack the flame with your welding glove a time or two and it'll go right out. All of the rubber I've ever caught on fire didn't really want to stay lit. Definitely don't waste a good in-date and charged fire extinguisher on something like that. Although not having such a fire extinguisher is also not a good idea.
Good luck man! Having a functional blue wrench really opens up a lot of options, especially on cars living in your neck of the woods.