Mike, brings up a good point about ring land wear in the piston, I as well as Mike tear down and build alot of 1275, we're building two 1275s right now, one for the street, one for race. It's pretty common to see broken rings in a 1275 worn engine, they stay in the ring land captured, even pump a little bit of compression, but eventually if pushed will destroy the ring land in the piston, and if that happens then they normally tear up a cylinder wall.
Another thing I see, 1275 crank that look decent as far as journal wear, but measure .0002" -.0003" under spec, now if you want to get by on budget and you see this, then maybe you just polish the crank, but have the connecting rods resized to small end of housing bore spec range, so you tighten back the clearnces with the rods vs the crank journal, getting back to closer to normal clearence will do a couple of things, lessen the chances of bearing spinning in the future, and give you better oil pressure, and resizing rod is about 1/3 to 1/2 the price of grinding a crank, if you see deep scratches you can catch with your fingernail, face reality and get the crank ground. I always tell folks you often here of budget rebuilds that get done and get back on the road, you just don't hear alot about on the forums when they blow up

I always tell folks a engine tell you what it needs, not you telling the engine what it needs, often people just don't measure and built it cheap and hope for the best, that's what the guy did with my MGB street car, I traded him for, he took alot short cuts, fooled himself into thinking his eyes were a micrometer and the engine chunked a rod on me at about 20K miles, I guess 20K miles wasn't bad for this type of "look and hope" rebuild, but I wouldn't term it as good either, and now the crank, rods and block are scrap metal.
So in closing if you do a budget rebuild, be smart about it, get everything measured, go about machine work as to get the most for your money, like the rod resizng I talked about.
As for honing, I'll share a little trick of mine with you all, if you got one of those three stone hones, they by themselves are pretty useless, but before you chunk it in the garbage can, go a get a couple of sheets of 3M Scotchbrite #7447 (burgundy in color) and wrap it around the stone hone and hone the cylinders with that with alittle oil on th cylinders, it will give you a amazing finish that promotes ring seating, I do it to every engine I build, and I consider it the very best finish money can buy.