5/64 & 1/16th ring and max bore size

this is a two part question the first one is about the piston ring Gap being 5/64 wide and the ring size being 1/16 of an inch thick, what are the pros and cons for this and what has to be done to make this combo work?

Second question is how big can you bore a 360 small block?I was always told that on any small block the max you could go would be .040 anything big would cause over heating.

I have a 360 in the shop now and he's telling me that it can be bore to .060.