Great write up Kawboy! Thank you. I asked for it to have it concise and coming from authority. It alignes with all I've learnt in theory, my limited practical experience, and second hand knowledge from people who know more than me.
3 stoned expansion hones - throw them out
Ball hones for deglazing - throw them out too
This is a great point when it comes to ultimate precision. But it has been practiced by many, and worked within acceptable limits. The last time I went to the shop where they did the deglazing for me, I saw a whole wall mounted panel with those types of hones. I'd say most were ball hones. I know my father was using both types on ships. I've heard stories of an engine brake down in the middle of nowhere, these tools were what fixed the problems and took the ship across the globe safely. I'd say definitely not an ideal way to go putting a small performance motorcycle engine together, but I wouldn't completely dismiss them altogether. That's all I'm saying. A real DIY guy on a real tight budget wanting to ride an old bike instead of scrapping it, would definitely be able to put some miles after such a job. Definitely not recommended if looking for a long lasting great precision rebuild, as you said.
Speaking of the sleeve and ring profile. They rotate, but just like you said, stay somewhat oval. The particulars of it intrigue me. Do they actually make it a 360 over time, back and forth, or because of the oval shape, tend to go back and forth withing that parameter? The porous nature of cast iron would suggest easiness for reshaping. That would make sense, in terms of re-using - if they would have freedom to go anywhere finding their sweet spot eventually, withing service limits of course! That's where the worry is I gather.
No use having 'broken in' rings if they don't seal.
To sum it up, the action plan of rebuilding is pretty straight forward to me. Clean, clean and clean more, save money, let a pro machinist with proper tools do their job.
I am a do it yourself kind of guy, but some things are just unavoidable due to specific expertise and tools. This little convo gives me even more peace of mind and less guilt designating money towards outsourcing certain tasks and feeling like a failure that I am not doing them myself!
Thank you!