Had this same issue with a SBC I was working on. Ball hone first as it won't increase the bore diameter.* A little discoloration won't hurt anything, but using magnification look for pitting. If necessary go to a rigid hone and take the absolute minimum to remove the pitting, no more than .001" with those cast Silv-O-Lites.
Going +.010 over the current 4.070" (std +.030) would most likely clean it up; unfortunately the only way to get a 4.080" (+.040) piston is with a custom Diamond, Ross, etc. $$$
* My ball hone is 400 grit for moly rings; coarser grits may remove metal.