Not if it's done properly and the block was not heavilly damaged (spun bearing). A small amount of material is removed from the caps on the parting line, and the bores are honed round while maintaining the factory centerline. This means without removing a heavy amount from the block saddles.
I'll add that if you are using a shop that has modern equipment and square decks (something else I consider mandatory) the main bore centerline must be properly located because that's one of the places the toolig idexes off of.
