To torque hone you need a decent adjustable hone, usually two stones and two guide pads. You also need a bore measuring dial guage. Obviously the torque plate and side cover, plus some honing lubricant, (I used to mix various compounds, but now find WD40 is as good as anything).
With this a workmate and a decent variable speed pistol drill it is quite possible to get the bore tolerance to within 1/100th of a millimetre. I usually find removing about 3-5/100th is enough to get the bore perfectly round. Worth finding a gash block to practice on, although it's hard to take too much out, unless you're really careless.
As a matter of interest, I've been told of a company in Le Mans who can resurface a worn out block. Might not be economic in the uK, but here a new 'legal' block is £600. Definition of legal is that the number is on the official list, this list apparently trebles the value.
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