Probably depends on condition. Might take a ring and run it up and down the cylinders while checking the clearance for uniformity.
Then might mike the cylinders and see how much metal you lost. Since most engines have cast iron liners, you might get by with it if you want a cheap rebuild and don't plan on a lot of use out of the engine in the future.
Your deglazing tool probably will have to be the bead type and not the flat hone type so as to follow the contours of the cylinder.
I once did a 6 hp with a true hone not a glaze breaker. I was lucky enough to not have a deformed hole so it worked well with standard rings. New rings will not confrom to a out of round cylinder. If you have to bore it you are talking new pistons.
How's your compression? If it's good, that should indicate a fairly healthy powerhead, then just deglaze. Otherwise, you're talking hundreds of dollars.
