I guess I still don’t understand the problem exactly.

The common bore size for those blocks is 4.375.
If it’s currently +.020 the bore is 4.363.
.012 is not a problem to hone out at all, unless you’re using a hand held type of hone.
Any power stroke hone would make short order of that job.

Now, if the wear at the top of the ring travel is already beyond 4.375, then you’d really want to sonic test the block first, and use a larger bore size(4.380 or 4.390). But then you’re likely looking at custom pistons as well.