The only time I use a 1/8" wall sleeve is if there's a hole in the cylinder wall. Yes, a 302 will probably handle a sleeve that thick, but a 3/32" wall sleeve will accomplish the same fix with less material being removed from the block. That only requires boring the block to 4 3/16". I usually bore for about a .001" press fit when installing sleeves and cold soak the sleeve in dry ice and alcohol before installing it. I've been doing it that way for a little over 40 years.
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!