kwhit -- $40 *is* cheap! For a SS sleeve job? Man, I'd break my own arming whipping out the checkbook on that one! I hesitate to go against Crenwelge's advice on trying the honing, but not all of us have his years of experience, skill and knowledge. From my limited years and skill, my opinion is this -- Don't go cheap on your brakes. One of our young Stovebolters wanted to go that route and very nearly lost his life (he's now a quadriplegic and his truck is on it's way to China as a coffee table-sized chunk of scrap steel). There are places to cut corners in this hobby, but brakes most certainly aren't one of them! If you have pits (and by your own admission you have pits), you need to resleeve or get a new/reman master cylinder. Period. There is no alternative. Some of the better NAPAs or the parts sellers can find the new or remanufactured brake parts for you. Don't even frig with the wheel cylinders -- just pull 'em out, throw 'em away and put new ones in. If your master cyl is pitted you can bet dollars to donuts your wheel cylinders are, too. Don't screw around.
Regards,
John