Absolutely. Be aware that sleeving alters the other bores, so you'd want to sleeve first before boring and honing the others. The person above who posted every thrust side at or above 0.200" should have bought an armload of lottery tickets while his luck was running red-hot.

To back AndyF's observation, nearly every 4.25" bore BBC block will go to 4.375". It's so common that pistons are available at 0.125" over.

R.