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.