CYLINDER MACHINING QUESTION

66fs said

If you have a good hone, there are no worries with a light hone up to 4 or 5 thousandths over nominal. Using good rings of course.

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I disagree. I do a lot of budget rebuilds, without reboring, just honing. A hone is not for enlarging the cyl bore, it is for putting the proper finish on the bore. A hone is not designed to remove thousandths of an inch, but less than one thousandth.
If you want to do it right, bore and new pistons, and rings. Have it honed to get the proper finish for the rings used.
If you want cheap, just hone it (to break the glaze), and put it together with a cheap set of rings. It will work, but won't last as many miles, or seal as well as the good job.
You need to balance money vs results.