See, there's the problem right there. This isn't an unknown. You're not breaking new ground here. You're just ignorant of all the reasons why what you're talking about is a bad idea. The smart people here are the ones that know this will be a waste of an engine block and have said as much. The constructive advice here is that which disagrees with your idea, you just don't know enough about machining or engine work to understand that.
People have done ALL of this stuff before. Look back at the history of engine construction and machining, the things that people used to do to repair engines 100 years ago. And then look at the power outputs of those engines, the lack of reliability, how few miles they lasted, etc. And then look at modern engines and machining tools. People used to do stuff like what you're talking about. They don't do it anymore because it works for **** and they came up with better ways to do it.
Teach us that using a hone on a drill press to "bore" an engine will result in your cylinder walls being a wavy mess? Nah man, we already know that. That's why nobody does what you're talking about. It's not because we don't know, it's because everyone already knows it isn't going to work. Engines don't wear evenly, the holes don't stay perfectly round or straight. A hone is not meant to straighten the bores, it's mean to put the right finish on the surface AFTER a bore has been completed with a machine that has the ability to deal with the side load of making an out of round, wavy cylinder wall true and round again.
And yeah, the people that actually know this stuff have already said all of that. No, what you're trying to do isn't impossible or unsafe, but it won't give you a good result either.