You will be honing for weeks on end if you work 8 hours a day trying to get .040" out of the liners. And that's with a real hone, with 80 grit stones.
kind like honing a knife. If it's somewhat sharp already, a simple hone will renew the edge. But if it's out of whack, you can hone for days and finally get it back to shape, or you can get a real sharpener and re-grind the edge in a matter of 5 minutes, hone, and then you're razor sharp again. Same deal. To get .040 out of a liner, you will need to bore the liner with a boring machine; bore to within .001" and hone to final size and remember temperature will affect your bore size--if you hone, and the liner/block are hot, when it cools back to ambient it'll shrink the bore dia a little.