I should give an update. I did get the hone but I had already messed up the top end of the cylinder. I was however able to get a .45mm gap for the rest of it using a .030" oversize piston and rings. I was worried because I could not get the compression over 70psi on the bench while the other were about 120psi. I decided to go ahead and run it anyway. I ran about 2hrs yesterday on lake Monroe. Big mistake because everybody else was running too and the lake was rough as all get out. I chose Monroe because there are a lot of places you can ramp out if necessary. I should have stuck with the White river, it's a lot smoother and we typically have it all to ourselves except for a few fishermen.
Per the manual I ran 50:1 mix in the tank + the injector for break in. Talk about a mosquito fogger. It did run pretty well but would not idle long and smoked like a booger. It had good top end, it's speedometer registered slightly over 50 but my gps said our best was 46mph. That was with the swim step down in the back, doh! Might have pulled another 1 or 2 mph with that put up. It was doggy coming out of the hole though, my Sea Rayder F16 or my sister's Suger Sand would have beaten it by a mile off the line with their Sport Jet 175hp's. I think it is not just the weight but it seemed to be loading up with oil as I left a smoke screen on takeoff. It pulled me up twice on a slalom ski and it did take a bit longer than I would like to get on top of the water. The F16 or Tango would jerk the rope out right of my hands at a full throttle take off. All in all we ran our nearly half of it's 40 gallon tank of fuel though.
This evening when I got home from work I pulled all of the plugs, most were pretty oily, wonder they were not completely fouled. I checked compression on all cylinders. 5 were at or above 120psi and my problem cylinder had come up to 90psi. Using the endoscope I could detect no damage to the piston or cylinder but some carbon buildup. It may just be that it stood out more because that piston is shiny new aluminum. I plan to run it a couple more hours next weekend and if all is okay then install the injector bypass stuff I ordered using the parts list in the sticky post here. I will monitor compression after every run and I don't plan to do a full tear down and re-sleeve until I can see imminent failure since most of our boating is spent on the beach or anchored.