If you have the rest of the "short block" (new pistons, reconditioned connecting rods, etc.), assuming the crankshaft doesn't have to be reground again to clean up the rust pits. There's a LONG way to go from where it is now, to being a running engine. Most re builders want to do their own machine work or have it done, not trust somebody else's efforts. A block that's been bored and honed properly has the piston skirt clearance fitted to each individual piston by precision honing.
Jerry

"It is better to be silent and be thought a fool than to speak and eliminate all doubt!" - Abraham Lincoln
Cringe and wail in fear, Eloi- - - - -we Morlocks are on the hunt!
There is nothing noble in being superior to your fellow man; true nobility is being superior to your former self. - Ernest Hemingway
Love your enemies and drive 'em nuts!