J;
Sure you can and should check it.
There's a portion of the cylinder wall (top)that the rings can't reach & unworn. This is called the "ring ridge" and is how you tell how much the cylinder has worn visualy.
A 292" engine has a 'lot of meat' in the deck & runs cool as a result. There shouldn't be much there, just enough to catch your fingernail on.
Walt is correct in that 'verticle lines' in the cylinder wall is a 'bad sign' but not the end of the world. This happens when the engine is run W/O an air filter. If there is major groves then a ring may be broke, like he said.
He's also correct in saying you should get the other engine too. You could build a 'killer' 302 CID with it for fun later.
Good luck.
