Bore Gauge Help

Was the engine running before you removed the cylinder heads? Did it do so without excessive blow-by (crankcase pressure)?

If so, you could remove the ridge, hone the bores, replace the rings with the appropriate size and it will run again. The engine would by no means be new or rebuilt, but should give reasonable service if it was basically a healthy engine beforehand.

If the engine has more than a few thousand miles, the bores are almost certainly beyond factory production tolerances.