What are the cylinder's like? If I had one and it only needed a 'hone' job, I would run it at that, but that's me. IIRC the racers back in the day used to bore these an 1/8th (yes, 0.125")
That's a bunch, and I wouldn't reccomend it as a target, but if you can find pistons, etc for it I would run it, try Egge machine ir you haven't found a set (oh, have you checked out the Webrodder 'stovebolt stroker' series?).