On 1500 on new street engine piston to clylinder clearence would be .0025", you measure the piston opposite of the pin bore to get this measurment. If they is a thousand or so wear you probably be ok, if you start flirting with 4 and 5 thousand clearence then I suggest boring. I'm not real good at advicing on patch-up rebuilding, it's just not the world I live in. With the race engine they get freshened up, freshen up emaning no machine work, bearing and ring repalcement, what I do when hone the bore is use one of those crappy three stone hones, and wrap the stone with a sheet of the burgundy stotchbrite and coat the cylinders down with WD40 and hone the cylinders with the stocthbrite, I even do this with freshly bored and hone block, it will give you the best clyinder finish to enhance ring seating, all the nascar teams do this, it's where I learned this trick.
What i do when I rebuild a engine, is measure everything, and thats really the only way you can determenie what has to be doen adn what is acceptable to re use. With drew's engine, his crank journal sizes were just where I wanted them to be without being reground, it magnafluxed ok, and passed the stright check with flying color, so a good cleaning and polish was all it needed. I hardly ever find cylinder on used engine that are not worn and egg shaped, I see alot of car club member thake the freshen up route with old engine, and normally it becmes a smaker in a shrt period of time.
On the Triumph motors like the 1500s, crank end float is a biggie, the 1500's thrust bearing arrangement is less than desirable, so make sure you check that and repalce the thrust bearings they wear like crazy in these motors, ignoring this can lead to the front thrust bearing wearing so thin it falls into the oil pan then every time you press the clutch in the crank is grinding against the rear manin cap, pay close attention to this area of a 1500.
Pay close attention to the fornt aluminum piece that sit between the main cap, it rea easy to strip the threads in it, and using too long of bolt wil result in warping it, I never understood why they didin't make this piece out of stell on the rce engine, sometimes we do just that.
I'm just skimming the surface here, but when it comes to rebuildng a engine, it always cheaper to do it right the first time than have to do it twice. I always here people give me lame excuses to doidn a half baked rebuild, like ' it only a street motor", or " I just want to get my car back on the road", those are comments folks useally live to regret.