Yes. You try to hand hone .040 out and the hole is going to wander. If you are lucky it may be round and straight but it wont be plumb and square,
Here is a picture from an old thread. Same engine and old prices but he paid $180 to bore, hone and deck the block. This job does not require fancy engine boring equipment. It can be done with an old school boring bar or any decent size vertical mill - even a good size Bridgeport although that would not be my first choice. Setup on a vertical mill is trivial - 20 minutes or so to clamp to table and indicate first cylinder in. Then 10 minutes per cylinder to rough cut .030. Another 10 minutes for a scant .010 finish cut.. All told about an hour. Then you hone for final fit and surface finish.
You have been given some pretty solid advice by multiple individuals but its your engine and your money.
Dan