I have been rebuilding SBC's for 30 years. The wear of the cylinder will dictate how much "machine" work will be requierd. I have used the "ball" style glaze breaker in conjunction with a 3 stone "hone". You can also purchase from snap on, matco, etc a "ridge" reamer that work very well.
I have seen engines with 150K need a simple glaze break ( you need to break the glaze and have a good cross hatch for new ring sealing) and I have seen engines with 20K require a bore job. First things first, mic the bores and determine the "out of round". Not sure of the specs for your specific engine but a good motor manual will give you all the numbers you need from min to max and will help you determine what you will need. If you have a local machine shop that you can trust, they will most likely do a check with mics for you and give you honest suggestions.
I have rebuilt multiple SBC's for normal street use all the way to full tilt drag motors simply breaking the glaze and putting a clean cross hatch hone in the cylinders and have had very good luck with them. On the other hand, I have also spent big dollars on "go fast" machine work and smoked the motor in the first pass. You do not always have to go the modern way. Many times, the "old school" way works as well or better.
Here's an example:
When I was 15, I bought my first truck - 1953 Chevy with a straight six and 3 spun rod bearings. The first thing I did was take it to my Dad's house (Dad is an old school model T, Whippet Coupe, type of Mech.) We pulled the pan, in the truck. Pulled all the rod caps, pushed the pistons up into the cylinders, wedged them to the side with blocks of wood. Dad, took some "emory" cloth and wrapped around the rod journal. I sat in the truck and held my foot on the foot starter and spun the motor till the battery went dead. Recharged the battery and did it again and agian till it was where my Dad wanted it. Turned all 6 this way. Back then you could get one thousandth under bearings and I think you still can today. Anyway, we put it back together and long story short, had 50 psi oil pressure and I drove this truck for 7 years with no engine trouble at all. Sold it to a friend and he ran it for 3 more years until he swapped it for a V8. So yes, old school works. Especially if you are on a budget and have the time to do the work yourself. I apologize for rambling but I have a soft spot for those that tackle issues on thier own.
Pat
Edit to add.... Use a good quality hone oil. I use Marvel Mystery Oil in the red can.
[This message has been edited by katatak (edited 08-09-2008).]