If it's a "spare" engine I'd be tempted to polish up the journal with 1" crocus cloth and as Harvester pointed out, make sure that it wasn't egg-shaped. The cloth-backed abrasive belt material works well at smoothing out minor nicks or imperfections and is available at most automotive supply houses off a roll by the foot. You've just got to be careful to keep any of the aluminum oxide abrasive material from entering the oil passages. I've added a little oil to the belt to hold the abrasive.
The polishing action is much like buffing the polish on a pair of shoes. Might be considered pretty "old school" but I've salvaged cranks that were nicked by a rod bolt when the piston was slid into a cylinder.
Won't cost you a mint and might just keep that spare engine running without too big of an investment. However, I'd be sure to use a new insert or even better yet a full set.
Dave
