I don't see anything wrong with it, as said if you change the rings you need to hone it though. So change all rings or change none.
A friend of mine bought a RoadRunner with a 383 missing the ringlands on #1 years ago. He swapped the pistons out and did rings and bearings. Well over 100K miles later (I'm not kidding) and that thing still moves good, doesn't smoke, burn oil, etc.
Now I need to pin those needles, got to feel that heat Hear my motor screamin while I'm tearin up the street
