Below is a link to a video that discusses this question. The host of the show admits to NOT using a torque plate, and that it's not ideal. He then measures the results from honing without a torque plate. The results he ends up with are WAY out of tolerance for someone like me. Both of the 292 blocks I have here will be final honed with a torque plate.
Fast forward to 4:10 in the video to start:
292 Engine Build Hope this helps
