It was a very common procedure when I started making a little pocket change as a part time mechanic in the late 1950's and early 60's to do an "in the frame" engine rebuild- - - -ream the ring ridge, hone the cylinders, replace rings and sometimes connecting rod bearings (or adjust the clearance on Babbit rods), regrind the valves, and reassemble everything. Getting the cylinders cleaned up after the honing job was the biggest challenge. That kind of overhaul was usually good for about 30K miles or so.
Jerry