To answer your basic question about honing sleeves.

Cylinder sleeves are cheap.
MB# 6160111210
Pelican Parts - Automotive Parts and Accessories - Porsche & BMW

Piston rings are cheap.
MB# 0030302424
Pelican Parts - Automotive Parts and Accessories - Porsche & BMW

Wrist Pin Bushings are cheap.
MB# 6170380150
Pelican Parts - Automotive Parts and Accessories - Porsche & BMW

Removing the old sleeve is simple.
Pressing in the new sleeve can be DIY or most engine shops can do it for you.
Boring the cylinders requires special knowledge, skill, and equipment, few are equipped to DIY.

The pistons are rarely damaged, and good used ones are cheap = reuse them.

New MB Pistons are HIGH priced, because of quality / durability.
MB# 6170301017
A set of five is roughly $2,000.0 USD.

Connecting rod bearings (standard) are cheap.
MB# 6170300560
Pelican Parts - Automotive Parts and Accessories - Porsche & BMW

Main Bearing Set (70.00 mm, Standard) are cheap.
MB# 6170300540
Pelican Parts - Automotive Parts and Accessories - Porsche & BMW

Here is more data on the topic
http://www.peachparts.com/shopforum/diesel-discussion/244375-om616-617-engine-rebuild-threads.html

IMO: Following the FSM this is a very cheap engine to rebuild, if it has not been driven to destruction.


.

__________________
ASE Master Mechanic

Prototype R&D/testing:
Thermal & Aerodynamic System Engineering (TASE) Senior vehicle instrumentation technician.
Noise Vibration and Harshness (NVH).
Dynamometer.
Heat exchanger durability.
HV-A/C Climate Control.
Vehicle build.
Fleet Durability
Technical Quality Auditor.
Automotive Technical Writer

1985 300SD
1983 300D

https://www.boldegoist.com/