I hate to discourage anyone trying to build make engineer some mechanical devise, however in this instance unless the OP has extensive machine shop experience, he would be better served to at least listen to the advise offered
I did a little research on this subject and came upon a guy who honed cylinders oversized. He stated it took 15 minutes to take off one thousandth's of a inch, so do the math on the time involved
Another video I came across was a guy who was fabricating something that would hold a bushing in a steel plate that I thought was 1/2 thick
He used a hole saw in a drill press than used a boring head to get it to the size needed
The problem was and I would ask the OP the same question was chatter with the boring head being used in a drill press
This guy made the hole and I assume was able to press the bushing in but the finish of the bore was really rough
No way would this work on a cylinder
So my questions for the OP is, #1 what will you do about chatter with the boring head
#2 whats the run out of the drill press spindle