Wow you are to quick and keen.I would have just ragged the bottom end clean with a rag as Bigted said then run it for a while would have worked really well,but you went all the way. Personally I wouldn't even worry about removing the piston.These engines really aren't worth that kind of time.If you had the Australian made power-torque I'd back you up on that,but if you must you must.
Yes a hone would help,and yes the ones from Super-cheap are fine as I have used them for years and I've had no problem (or was that from Bunnings?Bugger I don't remember I guess they'd be the same).
I usually just make sure that the carbon build up around the ring groves are clean.
Just be careful when making a tool to undo the crank as if you get what your making to hot it will most likely break when you go to use it.
There usually is an auction on eBay that has those tools.I don't know maybe even Bruce has one in his shop.Also make sure if you buy one you get the right one as there are two different types.The early model and the late model of which you have there.
I guess from what I see I'd just clean the bottom end with a rag,clean the end of the piston put it back together and fire it up.That's what I'd do.As I really don't see any problem that would require this kind of work.
That would still be a satisfactory fix,it's a 2 stroke it would thank you for that.I've fixed many in the same state some even worse than that and they are still going just from cleaning and running,but that's up to you.If you need more help just ask I just can't see that it needs that kind of work,as yes you have got it early.
