I rebuilt hundreds of wheel cylinders while doing brake jobs in the early 70's in a tire store in Texas.
You won't have problems if you don't try to save a cylinder that is too pitted, worn or scarred.
Brake hones aren't that expensive and can usually be picked up at most parts houses Or Sears.
Most look like this one
http://www.amazon.com/gp/product/B0002SQUG8You can usually find the Lisle or KD tools at the parts stores.
I don't care for the ball style hones as I feel that they don't do anything to true up the cylinder.
I'd suggest taking the cylinder apart and cleaning it up to start. Brake clean or soap and water to clean it and then unscrew the bleeder screw and check the mounting bolt holes.
As I worked on them in the pre product liability lawsuit days most of the cylinders I replaced usually had a broken bleeder screw due to it being rusted in place.
I prefer to use brake fluid to lube the hone and brake cleaner or soap and water to clean it after honing. I don't like to put them in the solvent tank because solvent tanks usually have too many things in them that might contaminate the cylinder.
Clean it up good, lube it with brake fluid or the lube supplied with the kits (make sure the cups in the kits are the correct size and reassemble it.
Most shops won't rebuild wheel cylinders now because of product liability issues and labor costs but it is easy enough to do the right way at home.
