i have done this many times.I used a regular hone though with kerosene.If the cam bearings dont look all chewed up i have left them alone. They are hard to install yourself and have the cam spin freely.For prices on rings and bearing and gasket sets i go on all the local parts stores websites and see who has the cheapest ones and compare them to summits price.if there is no grooves in the crank run it as it is. if very slight grooves use emery cloth to polish it. As for the ridge, if the pistons will come out i would leave it alone unless you already own a ridge reamer. It wont hurt anything beeing there unless you plan on swaping to taller pistons. I would pull all the block plugs and freeze plugs and make sure you clean the passages.