CYLINDER MACHINING QUESTION

Hi Folks

Will a factory .020 oversized bore that is currently 4.0645 with .003 of taper and less than .001 out of round clean up to 4.070 with a machine shop honing, or does it need to be bored first? Cylinders show no signs of mechanical damage or rust pits. It's just worn out. New rings yield a .050 gap. Thanks.