Single cylinder glaze honing?
The problem with honing while the engine is together is two fold. First, as everyone has said, you have to worry about abrasive material getting into the engine. No way could you keep it all out.
Secondly, lets say you did get every single bit out. Now, what do you have? You have one cylinder with the glaze broken and new cross hatch on it. So, what's the problem with that? Those rings on that piston in that cylinder are worn to match that cylinder the way it is now, not like it will be when you are done honing it. Honing cylinders should only be done when new rings are to be installed, so that they can all wear into the cylinder they are in. If you hone the cylinder and leave the old rings in, you will very likely accelerate the wear of those rings very quickly.