I'd be worried about shrapnel getting into the cylinders/oil passages. When I had my block done, the guy used a CBN cutter or some crap. Wasn't a bad price though as I had the whole bottom end disassembled, cleaned, surfaced and reassembled with new bearings, rings and freeze plugs for around $200 (not including the cost of the rings and main/rod bearings).
Before--
And after--
