Refresh or Rebuild: One Cooked 4.0

That's a tough call, if you can't hone it out, that greatly increases the cost having to pull it out and have it bored. If you think it could be 'good enough' with an aggressive hone, it might be worth risking it. Like you said, it's done this over time and still appears to run good, these 4.0's are pretty solid motors. If you do have to get it bored out to clean it up, resulting in new pistons, I would also grab an old set of 258 rods and a 258 crank and make a 4.5l stroker out of it. I had a 4.6l stroker out of mine with a 30 thou overbore, the increase in power was worth the couple hundred bucks for a used crank and rods.