When I did automotive machining we never left less than .003" in an engine cylinder for honing. If you leave any less than that, you don't remove all of the tool marks left by the boring tool. This leaves high peaks and deep valleys that will shorten the life of new piston rings. Of course, we used a rigid power hone to finish sizing the bores.
I have heard that the old timers would bore an engine and not hone it or hone it very little and then run it for a while with a new set of sacrificial rings until the rings were worn out and the engine began smoking. It was then tore down and a second set of rings were installed on the now smooth cylinder. Don't know if this is true or not.
"The truth is incontrovertible, malice may attack it, ignorance may deride it, but in the end; there it is." Winston Churchill