72 340 short block

I've known people that have lightly honed and re-ringed if there is very light rust. Its not ideal, but if you get someone good, with a good honing machine and a nice finish on the walls it may be fine. The surface finish is important. Assuming the cylinders were honed straight and correctly the last time.
My 273 wasn't rusty, but the last person to bore and hone did a very poor job on the final surface. It burned almost 4 quarts of oil in 200 miles. It had new pistons so my boss at the time cleaned up the cylinders for me at work. He has done many, many performance builds and knows a good hone. I reassembled it with new rings etc. It used under a quart of oil on my 3,500 mile road trip last month.