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.
If there aren't any "anomalies" it should, but that close hard to guarantee, if You are going forged slugs the extra .004" or so of clearance needed the odds are much better.
Torque-plate, boring bar run, hone, finish-hone, plateau brush depending. They need the slugs, and to know exactly what rings/type You're using.