What's wrong with just a hone and new bearings?

Was the main and rod bearings damaged? Was it only a stuck piston?
If the bores are still round, no excessive taper, and a hone job is enough to restore the cylinder wall finish, then there is nothing at all wrong with simply honing the cylinders.
If the bores are not round any more, or too much taper, it may have a little excess leakdown or oil consumption.